SBA Announces Direct Forgiveness Portal for PPP Borrowers
Published July 29, 2021
The U.S. Small Business Administration (SBA) is launching the Direct Forgiveness Portal, a streamlined application portal allowing borrowers with Paycheck Protection Program (PPP) loans under $150,000 to apply for forgiveness directly on the SBA website.
The SBA anticipates that the new portal will allow thousands of businesses and sole proprietorships to have their funds forgiven.
If you are eligible for the Direct Forgiveness Portal, here’s how you can prepare:
- Mark your calendar: The new forgiveness platform will begin accepting applications from borrowers on August 4, 2021.
- Check-in with your lender: Lenders will have to opt-in to this program, which they can do at directforgiveness.sba.gov. If your lender opts in, you will be able to apply for forgiveness on the SBA portal.
- Learn more about the portal: Although the portal does not open for borrowers until August 4, you can prepare by reviewing the SBA’s Direct Forgiveness Portal User Guide.
We’re here to help.
For more information on PPP loan forgiveness, reach out to your MCM relationship contact.