The U.S. Small Business Administration has launched a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
“We are very excited about the new PPP portal for our businesses and lenders. In Utah, we have approved over 62,000 PPP loans under $150,000. This new portal will make it easier for Utah business owners to get their forgiveness quickly and turn their focus back to what they do best: running their business,” said Marla Trollan, SBA Utah District director. “The portal will also free up the time for some of our lenders which will allow them to focus on and speed up the process for those with larger loans.”
“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,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our main streets, sustaining our neighborhoods and fueling our nation’s economy.”
The new forgiveness platform began accepting applications from borrowers on Aug. 4. Lenders are required to opt-in to the program, eliminating them from the forgiveness process.
