WASHINGTON, D.C. (WWTI) — A streamlined forgiveness forgiveness portal has been launched for small businesses across the North Country.
The U.S. Small Business Administration will open a Paycheck Protection Program forgiveness application portal for PPP borrowers. This portal is for borrowers with loans of $150,000 or less, allowing them to apply for direct forgiveness through the SBA.
Beginning August 4, the SBA’s new portal will begin accepting applications from borrowers that have a PPP loan with a lender that has opted into the forgiveness portal. According to the Administration, over 600 banks have opted into direct forgiveness, which enables over 2.17 million borrowers to apply for the portal.
SBA Administrator Isabel Casillas Guzman said that this will provide forgiveness for millions of small businesses across the country.
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,” Administrator Guzman said. “The vast majority of businesses waiting for forgiveness have loans under $150,000.”
This portal will make the forgiveness process more efficient, SBA Acting Regional Administrator Bernard J. Paprocki said.
“The SBA is making the forgiveness process more efficient for small businesses so they can recover more fully, get back on track and grow,” Paprocki said.
The Small Business Administration also provided a summary of its Paycheck Protection Program. According to the SBA, partnering with lenders, it has worked to originate over 11.7 million loans, totaling nearly $800 billion in relief to over 8.5 million small businesses.
Additionally in 2021 the Administration approved over 6.5 million loans totaling over $275 billion, with an average loan size of $42,000.
The Paycheck Protection Program was first established in 2020 through the CARES Act. The Direct Forgiveness Portal was announced by the SBA on July 29, 2021.