Question of the Day: Has the Small Business Administration (SBA) made any changes to the Paycheck Protection Program’s (PPP) Loan Forgiveness?

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A: The SBA recently announced the opening of the Direct Forgiveness Portal which is intended to simplify applications for loan forgiveness.  

The portal will allow PPP borrowers with loans of $150,000 or less to apply for forgiveness through the SBA by submitting a prefilled application rather than apply for forgiveness through the lender.  The business’ lender will need to have already opted in to direct forgiveness as of July 28, 2021.

The new forgiveness platform will be accepting applications for borrowers beginning on August 4, 2021.   Employers are encouraged to check with their lending institution to confirm they have opted into the portal.

For additional information, click here.    SBA PPP Forgiveness.

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