The SBA announced on Wednesday that it is launching a streamlined application portal to allow borrowers with Paycheck Protection Program loans of $150,000 or less through participating lenders to apply for forgiveness directly through the agency.
The new forgiveness platform will begin accepting applications from borrowers on Aug. 4. Lenders are required to opt in to the program through the SBA’s PPP Direct Forgiveness Portal.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Isabel Casillas Guzman, SBA administrator.
Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs and provided more than $798 billion in economic relief to small businesses and nonprofits across the nation. The interim final rule on PPP forgiveness can be accessed on the SBA’s website.