Businesses that received Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders can apply for loan forgiveness online through the U.S. Small Business Administration.
SBA has launched a new, online application portal to speed the process.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” administrator Isabel Casillas Guzman said.
The new portal has begun accepting applications. To apply, go to directforgiveness.sba.gov.
Borrowers who need assistance can call 877-552-2692, Monday-Friday from 5 a.m. to 5 p.m. Pacific time.