A simplified PPP loan forgiveness application process is here.
The SBA has launched a new portal for small businesses who took PPP loans of $150,000 or less to apply directly for forgiveness through the SBA in an effort to streamline the process. Previously, businesses were only able to apply for PPP forgiveness through their lender.
The new process requires you to fill in one of three forms, usually depending on the size of the loan. Instead of months of wait time involved in loan forgiveness, the new portal promises to do it in as little as 72 hours.
According to the SBA, more than 600 banks have agreed to direct forgiveness so far, enabling more than 2 million borrowers to apply through the new portal. A list of PPP lenders participating in direct forgiveness can be found on SBA.gov.
Borrowers can apply for forgiveness once all the money they requested through PPP has been used up until that loan comes due. If borrowers have not applied for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
The portal itself is here.
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