On Wednesday, July 28, 2021, the U.S. Small Business Administration (SBA) announced the opening of a Paycheck Protection Program (PPP) direct forgiveness portal. The new portal allows borrowers with PPP loans up to $150,000, initially applied for through participating lenders, to now request forgiveness directly through the SBA. The process aims to simplify forgiveness for millions of small business owners.
The new change will bring relief to more than 6.5 million small businesses. The direct forgiveness portal began accepting applications from borrowers on August 4, 2021. Lenders must opt in to the program through https://directforgiveness.sba.gov. Currently, over 600 banks have opted in, enabling more than 2.1 million borrowers to apply for forgiveness through the portal.
Additionally, the SBA is establishing a PPP customer service team to directly assist borrowers with their forgiveness applications and answer questions.
If you would like to speak with a tax professional about loan forgiveness assistance, need additional guidance related to COVID-19, or would like assistance with any matter involving tax planning and strategy or business advisory, visit PYA’s COVID-19 hub, our PPP Overwatch program, or contact a PYA executive below at (800) 270-9629.