SBA Opens Online Portal To Simplify P3 Loan Cancellation For Small Businesses

WASHINGTON – The US Small Business Administration is launching a streamlined application portal to allow borrowers with Paycheck Protection Program loans of $ 150,000 or less to request a rebate directly through the SBA.

“The SBA’s new streamlined application portal will make forgiveness easier for millions of our smaller businesses – including many sole proprietorships – who have used the funds from our Paycheck Protection Program loans to survive the pandemic.” SBA administrator Isabel Casillas Guzman said. “The vast majority of businesses awaiting forgiveness have loans of less than $ 150,000. These entrepreneurs are busy running their business and are faced with an overly complicated forgiveness process. We need to forgive more effectively so that they can start again to liven up our main streets, support our neighborhoods and fuel our country’s economy. “

This new change will help accelerate relief for more than 6.5 million small businesses, which has been the administrator’s priority since day one, according to an SBA statement.

The new remittance platform will begin accepting requests from borrowers on August 4. Lenders are required to enroll in this program through https://directforgiveness.sba.gov.

In addition to the technology platform, the SBA is setting up a PPP customer service team to answer questions and directly assist borrowers with their rebate requests. Borrowers who need help or have questions should call 877-552-2692, Monday through Friday, 8 a.m. to 8 p.m.

“This initiative will allow PPP borrowers to put their worries of obtaining full forgiveness behind them and return to focusing on running and growing their business,” said Patrick Kelley, Associate Administrator of the Access Office. capital of the SBA. “We are excited to be able to help financial institutions across the United States process pardon requests for small business owners. “