Beginning Aug. 4, the U.S. Small Business Administration is launching a portal that will allow borrowers of certain Paycheck Protection Program loans to streamline the process of loan forgiveness by applying for forgiveness directly through the SBA.
According to an SBA news release, the portal will allow borrowers of $150,000 or less in PPP loans through participating lenders, which totals 6.5 million small businesses, to apply for direct forgiveness with the agency. The news release also states lenders are required to opt in to this program at directforgiveness.sba.gov.
The SBA has also set 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 am-8 pm ET.
Additional information on the PPP, which ended on May 31, 2021, can be found on the SBA website and on the ABC Coronavirus Update webpage.
Background
Established by H.R. 748, the Coronavirus Aid, Relief, and Economic Security, or CARES, Act, the PPP provided nearly $800 billion in economic relief to more than 8.5 million businesses throughout the course of the program. In 2021 alone, small businesses in the construction industry received roughly $33.5 billion in loans, or 12% of total PPP funds.
ABC submitted comments on multiple PPP rulemakings, expressing support for the program and urging SBA and the U.S. Department of the Treasury to take further action to assist small businesses.
While the PPP ended on May 31, SBA also offers additional COVID-19 relief options, which can be found on the agency website.