JACKSON, Miss. (WJTV) – The U.S. Small Business Administration will launch a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans under $150,000 through participating lenders to apply for forgiveness directly through the SBA.
“With the new simplified application portal, thousands of businesses, and even sole proprietorships that borrowed PPP funds will have a streamlined process for having these funds forgiven said Janita R. Stewart, Acting SBA Region IV Administrator. Most southeastern entrepreneurs waiting for forgiveness have loans under $150,000. It was time we made the process more efficient so businesses can get back to sustaining our communities. I am thankful for the SBA lenders who have agreed to participate in this new forgiveness system.”
According to the SBA, the new change will help rush relief to over 6.5 million smallest of small southeastern businesses. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021.
Paycheck Protection Program Summary
- Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.
Direct Forgiveness Summary
- Over 600 banks have opted into direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness)