If your business is one of the millions of businesses that received part of the $800 billion in forgivable loans handed out between April 2020 to May 2021, you’ll be glad to know — forgiveness has been streamlined.
Beginning August 4, SBA is ready to begin processing loan forgiveness for Paycheck Protection Program (PPP) loans up to $150,000 total. To make the process as efficient as possible, SBA has developed a new tool called the “Direct Forgiveness Portal,” designed to expedite the forgiveness application process.
SBA’s Direct Forgiveness Portal will speed up your forgiveness application; however — the lender who originated the PPP loan reportedly must opt into direct forgiveness before your business can use the portal — So, to save yourself time and headache, we recommend you start by checking to see if your lender has opted in by checking this list.
In addition to launching its direct forgiveness portal, the SBA is setting up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Stay tuned for updates.
Before you begin… check-in with your lender.
If you don’t find your lender listed, contact them and ask them if they plan to participate, and if not, consider scheduling a time with them to complete the loan forgiveness application at their branch office.
If you do find your lender listed, save precious time and consider using the Direct Forgiveness Portal. Submitting your application is straightforward, and SBA has even created a helpful Portal User Guide PDF to assist you along the way if you’re feeling uncertain about the process.
We’re here to help.
As always, the SBDC is ready to help your business with any concerns or questions along the way — including questions about the PPP forgiveness application. If you need some extra help or questions answered, don’t be shy, get in touch with your local SBDC to start your forgiveness application.