New PPP Forgiveness Portal
The U.S. Small Business Administration (SBA) announced that it will launch a streamlined Paycheck Protection Program (PPP) forgiveness application portal on August 4 to allow borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA.
The new streamlined PPP application portal will accept applications from borrowers that have a PPP loan with a participating lender that opted into the forgiveness portal, simplifying forgiveness for millions of small businesses.
PPP borrowers can check out the Direct Forgiveness Portal User Guide for detailed instructions or attend an SBA-sponsored training session on the new SBA Direct Forgiveness Portal - click here for upcoming dates. The SBA has also updated its PPP FAQ document.
The SBA is also standing up a PPP customer service team to directly assist borrowers with their forgiveness applications. Borrowers needing assistance can call 1-877-552-2692, Monday – Friday, 8 a.m. to 8 p.m. ET. or meet with a Pace SBDC Business Advisor.