Breaking News from the SBA regarding PPP Loan Forgiveness

The SBA is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans under $150,000 through participating lenders to apply for forgiveness directly through the SBA. “With the new simplified application portal, thousands of Southeastern businesses, and even sole proprietorships that borrowed PPP funds will have these funds forgiven said Janita R. Stewart, Acting Regional Administrator for the Southeastern Region. Most entrepreneurs waiting for forgiveness have loans under $150,000. It was time we made the process more efficient so businesses can get back to sustaining our communities.” This new change will help rush relief to the Southeast’s smallest of small businesses, which has been the Administrator’s priority since day one. The new forgiveness platform will begin accepting applications from borrowers on August 4, 2021. 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 that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EDT.