SBA Launches New Paycheck Protection Program Loan Forgiveness Portal
The Small Business Administration (SBA) announced it is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. The new forgiveness platform will begin accepting applications from borrowers on August 4, 2021. The SBA notes that for borrowers whose lender is not participating, they must apply for forgiveness through their lender. The lender can provide borrowers with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent. Your lender can provide further guidance on how to submit the application.
In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions directly and assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call 1 (877) 552-2692, Monday through Friday, 8 a.m. to 8 p.m. EST.
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