The\u00a0U.S. Small Business Administration reached a major milestone last Sept. 25 as its\u00a0Paycheck Protection Program Direct Borrower Forgiveness Portal recorded its one millionth PPP loan forgiveness application for borrowers seeking forgiveness for loans of $150,000 or less.<\/p>\n
\u201cWe 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\u2014creating jobs and powering our nation\u2019s economy,\u201d\u00a0said SBA administrator Isabella Casillas Guzman.\u00a0\u201cWith 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\u00a0SBA.gov\u00a0or contact their lender today.\u201d<\/p>\n
Since the portal\u2019s launch on Aug. 4,\u00a0 SBA has received applications for over $17 billion of relief from more than\u00a0one\u00a0million of America\u2019s smallest businesses. In fewer than 45 days, 91% of all loans\u00a0eligible for direct forgiveness\u00a0in the 2020 PPP portfolio have been\u00a0submitted, showcasing the SBA\u2019s efficiency in delivering relief to entrepreneurs who suffered during the height of the pandemic.\u00a0\u00a0Furthermore, the\u00a0number of\u00a0Direct Forgiveness\u00a0participating lenders has more than doubled from 600\u00a0when the portal opened, to over 1,400 today.<\/p>\n
In addition,\u00a0significant progress has been made on the 2021 PPP Loans with 65% of all loans\u00a0eligible for direct forgiveness already submitted. The SBA has also been able to streamline the process for those not eligible for direct forgiveness\u00a0using\u00a0the COVID Health score, which eliminates the need for overwhelming paperwork to be provided to lenders, and\u00a0serve\u00a0over 600,000 borrowers to date.<\/p>\n
With the introduction of the new PPP Direct Forgiveness Portal, the SBA has streamlined application processes in order to re-center the user experience around small business owners. Today, 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.<\/p>\n
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 \u2013 Friday, 8am \u2013 8pm ET.<\/p>\n
Borrowers whose loans are through banks that have chosen not to opt-in to the SBA\u2019s direct forgiveness portal must apply through their lender for forgiveness.\u00a0(PR)<\/p>\n","protected":false},"excerpt":{"rendered":"
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