SBA’s PPP loan forgiveness portal is coming
For businesses receiving paycheck protection loans, applying for forgiveness is about to get easier.
The Small Business Administration is expected to release details of its yet-to-launch Paycheck Protection Program remission portal through which some small businesses can request a loan remission through the SBA on Friday. Currently, all borrowers must request a loan forgiveness directly from their lender.
The SBA declined to comment further. The Philadelphia Business Journal, however, reported this week that based on documentation provided to developers, the PPP forgiveness portal would simplify the process for borrowers and lenders. The advisory also looks at several use cases, one of which describes a situation where a borrower can request a rebate directly from the SBA. Chris Hurn, of the Fountainhead non-bank small business lender, told the Newspaper that he suspected that direct loan cancellation would be reserved for those with loans of less than $ 150,000.
Either way, lenders should opt for the platform. SBA administrator Isabel Guzman previously said the platform could arrive as early as August.
Meanwhile, the SBA is separately working on a way to fine-tune the loan forgiveness process for loans from $ 150,000 to $ 2 million – beyond the different iterations of the simplified forgiveness applications that the SBA has launched over. early in the pandemic, Guzman said in an interview with The business journal earlier in June. Earlier this month, the SBA announced it would remove the loan requirement review for loans of $ 2 million or more. In total, the SBA has distributed more than $ 780 billion in emergency financing to more than 8 million small businesses, most of which will soon seek to have their loans canceled.