The U.S. Small Business Administration has opened a new application portal for direct Paycheck Protection Program forgiveness: https://directforgiveness.sba.gov/requests/borrower/login/?next=/.
This portal allows borrowers to apply for forgiveness directly with the SBA, which will streamline forgiveness applications for more than 6.5 million businesses.
The initiative is only for loans of $150,000 or less, which make up 92 percent of the PPP loans distributed. The new online portal is reportedly designed to streamline the process both for borrowers and for the program’s nearly 5,500 lenders.
