Last week, the Small Business Administration (SBA) announced a streamlined forgiveness process for loans of $150,000 or less. SBA will open a Direct Forgiveness Portal for qualifying borrowers on August 4, 2021. Borrowers whose PPP Lender (e.g., bank or financial institution that issued your PPP Loan) has opted into this program can apply for forgiveness directly with the SBA as opposed to going through their PPP Lender.
Therefore, we suggest that any business owner who has an outstanding PPP Loan of $150,000 or less contact their PPP Lender to ask if they have opted into the Direct Forgiveness program. We have heard that the Direct Forgiveness Application should not take more than 10-15 minutes to complete. For more information on registering for the portal, please review the SBA's directions for Direct Forgiveness Portal registration.
If you have any questions about your PPP Loan or the forgiveness process, please do not hesitate to contact us.