New PPP Forgiveness Portal – August 4th

The SBA just issued a press release, stating that a new PPP forgiveness online portal (for loans of $150k or less) is set to go live on Wednesday, August 4th: 

WASHINGTON –The  U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

“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 Administrator Isabel Casillas Guzman.  “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”

….  Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.

….Over 600 banks have opted in to direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness)

See the full Press release here.