SBA Sets Up PPP Loan Forgiveness Portal
The U.S. Small Business Administration (SBA) has rolled out an online portal that lets businesses that have borrowed Paycheck Protection Program (PPP) funds of $150,000 or less directly apply for loan forgiveness.
The SBA says the portal will help rush relief to more than 6.5 million small businesses.
The new platform will start accepting applications from borrowers on Aug. 4.
More information can be found here.
In addition, SBA customer service personnel will be available to help borrowers and answer questions at (877) 552-2692, Monday through Friday, from 8 a.m. to 8 p.m. EST.
"This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again," says Patrick Kelley, associate administrator for the SBA's Office of Capital Access.
"We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners."
Through the PPP, the SBA and lenders have generated nearly 12 million loans totaling nearly $800 billion in relief to more than 8.5 million small businesses.