Small Business Administration Streamlines Forgiveness Process for PPP Loans

Filed in Disaster Response by on July 29, 2021 11 Comments

PPP loansThe U.S. Small Business Administration (SBA) is launching a streamlined application portal on Aug. 4 to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less to apply for loan forgiveness directly through the SBA instead of going through their participating lender.

More than 600 banks have agreed to allow access to the portal for more than 2.17 million borrowers.

“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 SBA Administrator Isabel Casillas Guzman.

The new forgiveness platform will begin accepting applications from borrowers on Aug. Lenders are required to opt in to this program through 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 who need assistance or have questions should call 877-552-2692, Monday–Friday, 8 a.m.-8 p.m. ET.

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.

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Comments (11)

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  1. Please have a representative call me August 3rd to assist with the forgiveness program 🙂
    910-707-0316
    Thank you
    Jeanne

  2. Paul says:

    Does this portal allow for SBA EIDL lone forgiveness?

    Thank you for your help

  3. Judith S. Mercer says:

    I think this is the best way to help support Small Businesses. I would like an application and as much information as you have on this process. I know several businesses still suffering from the financial losses of the Covid 19 Pandemic.

  4. mcdowell says:

    Will those of us who got EIDL loans ever be offered forgiveness? Obtained for the same reason. And yet no help.

    • NAHB Now says:

      The SBA has not yet announced any updates for EIDL loans. We will provide any updates on this blog, and you can subscribe at the top of this page to receive notifications of new posts.

  5. ny info that you may have to help us navigate the forgiveness program will be very helpful to us as we are a small company and sure could use any help you can give us. Anne Thompson

  6. Thank You for all you have done to help

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