“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.”
Some PPP lenders are opting not to participate in this portal, particularly those who have already created their own portals or are in the process of doing so. PPP borrowers should check to see if their lender has opted in on this list provided by the SBA. For more information, visit the PPP direct forgiveness portal at https://directforgiveness.sba.gov/.