ūüö® NEWS: SBA Administrator Announces New Paycheck Protection Program (PPP) Milestone: In Less Than Two Months, One Million Borrowers Apply for Direct Forgiveness through Agency‚Äôs PPP Portal‚ÄĮ

Arkansas District Office

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SBA Administrator Announces¬†New Paycheck Protection Program¬†(PPP)¬†Milestone: In Less Than Two Months,¬†One¬†Million¬†Borrowers¬†Apply for¬†Direct¬†Forgiveness¬†through¬†Agency‚Äôs¬†PPP¬†Portal‚ÄĮ¬†


Illustration of a laptop with text that includes, PPP Forgiveness Portal

 

The U.S. Small Business Administration (SBA) reached a major milestone yesterday as its Paycheck Protection Program (PPP) Direct Borrower Forgiveness Portal recorded its one millionth PPP loan forgiveness application for borrowers seeking forgiveness for loans of $150,000 or less.  

‚ÄúWe are committed to delivering against the promise of forgiveness for our eligible PPP borrowers. Our innovative direct forgiveness portal is helping our PPP borrowers get back to doing what they do best ‚Äď creating jobs and powering our nation‚Äôs economy,‚Ä̬†said SBA Administrator Isabella Casillas Guzman.¬†‚ÄúWith over one million application submissions, our direct forgiveness portal has already given so many of our smallest businesses the ability to apply for forgiveness quickly and smoothly and move forward with their rebuilding and recovery. I encourage those eligible PPP borrowers who have yet to apply to visit¬†SBA.gov¬†or contact their lender today.‚Ä̬† ¬†

 

View the full announcement: 

 

Press Release 21-90 

 


 

How To Participate

 

A borrower of a participating lender can now complete most or all of a forgiveness application using a computer or, for the first time, their smartphone. On average, users are able to complete and submit directly to the SBA their applications in just six minutes, and most receive their forgiveness decisions within a week from the date of submission. 

Eligible interested borrowers can access the portal from the SBA website¬†https://directforgiveness.sba.gov. Borrowers that need assistance with their forgiveness applications or have questions can contact the PPP customer service team by calling (877) 552-2692, Monday ‚Äď Friday, 8 a.m. - 8 p.m. ET.¬†¬†¬†

Borrowers whose loans are through banks that have chosen not to opt-in to the SBA’s direct forgiveness portal must apply through their lender for forgiveness. 

 

Is Your Lender Participating?

 

View List

 

PPP Direct Forgiveness- Borrower Portal Training

 

View Video

 

Learn More About PPP Forgiveness

 

FAQS

 



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