U.S. Small Business Administration to Launch Expedited PPP Loan Forgiveness Portal


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Lenders will have to approve loan forgiveness applications through the portal, which will save borrowers a step, according to media report.

7/28/2021 8:30

The U.S. Small Business Administration (SBA) is launching a new loan forgiveness portal for the Paycheck Protection Program (PPP) that is expected to lead to quicker decisions on the remaining 7.8 million loans in the program, according to an article from Inc.

The portal will be announced through an interim final rule on PPP loan forgiveness, according to the article.

Features of the portal will include the option for business owners to apply for loan forgiveness directly through the SBA, instead of their lender, if their loan is $150,000 or less.

Lenders will need to use the SBA portal and will still be responsible for deciding on the loan forgiveness, according to Inc.’s report. Lenders have 60 days to decide once an application is submitted through the portal, and the SBA must issue the funds within 90 days.

The new forgiveness platform will begin accepting applications from borrowers on Aug. 4, 2021, according to news release from the SBA. Lenders are required to opt-in to this program through https://directforgiveness.sba.gov. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications.  Borrowers that need assistance or have questions should call (877) 552-2692.

“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,” Patrick Kelley, associate administrator for SBA’s Office of Capital Access, said in the news release. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.” 

Read more on the new portal in the Inc. article.

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