The U.S. Small Business Administration opened an online portal Wednesday that will allow certain Paycheck Protection Program loan recipients to apply directly for forgiveness.
The portal is available to the 6.5 million businesses that received $150,000 or less in federally funded loans designed to retain jobs during the pandemic. Previously, businesses were only able to apply for forgiveness directly through their lender.
"This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again," said Patrick Kelley, associate administrator for SBA's Office of Capital Access. "We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners."
The SBA said that, overall, it and other lenders have originated more than 11.7 million loans totaling nearly $800 billion in relief to more than 8.5 million small businesses.
For more information, contact the SBA customer service team at (877) 552-2692 from 7 a.m.- 7p.m. Monday through Friday.