05 Aug SBA Paycheck Protection Program – Direct Forgiveness Portal
SBA Paycheck Protection Program – Direct Forgiveness Portal
The SBA has officially launched a streamlined application portal to allow businesses with a Paycheck Protection Program (PPP) Loan of $150,000 or less to apply for forgiveness directly through the SBA. The Direct Borrower Forgiveness process is an optional technology solution that the SBA is providing to PPP lenders that will alleviate the delay in the review process of PPP loans less than $150,000. The new forgiveness platform has opened as of August 4th, 2021 and the link to the portal can be found below. The SBA has also set-up a specific customer service team to assist with forgiveness applications:
PPP Customer Service Team
Monday – Friday
8:00AM – 8:00PM EST
In order to use this portal, you must first check with your lending institution to confirm that they have opted in with the SBA to allow for Direct Forgiveness. As of now, over 600 banks have opted into the use of this portal, and a comprehensive list of all banks can be found on the SBA website (a link has been provided below). Once you confirm that your bank has opted in, you will have to register your loan through the Direct Forgiveness Portal and submit your loan application through there.
We will continue to update clients as more information becomes available but please be on the lookout for communications directly from the SBA or your financial institution.
Link to Direct Forgiveness Portal
Link to PPP lenders who are participating in direct forgiveness