NEWS

PPP Loan Borrowers Under $150,000 Get Forgiveness Through New Portal

Erin Arvedlund
The Philadelphia Inquirer

WWR Article Summary (tl;dr) SBA Administrator Isabel Casillas Guzman says “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.” 

Philadelphia

The Small Business Administration has created an online portal that allows for direct loan forgiveness for borrowers of up to $150,000.

Now, banks and businesses that opt-in to participate have a one-stop online location for borrowers to apply for forgiveness within this SBA-driven site: directforgiveness.sba.gov.

Lenders can review the application and issue decisions within the same platform.

“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,” SBA Administrator Isabel Casillas Guzman said in a statement.

“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,” she added.

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