On Wednesday, July 28, the SBA announced they will open a new online portal for Paycheck Protection Program (PPP) borrowers to directly apply for forgiveness. This portal will officially open for use on August 4, 2021, and is only available for PPP borrowers with loans of $150K or less. Currently, all borrowers must apply through the SBA lender who provided their PPP loan. Once the portal launches, lenders must opt-in to the program to allow their borrowers to access it.
In addition to the new forgiveness application portal, the agency is also increasing its customer service presence to answer borrower questions and help them apply for forgiveness. The SBA is increasing its customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call (877) 552 – 2692, Monday – Friday, 8 AM to 8 PM EST.
Access the SBA direct forgiveness portal beginning August 4, 2021.
Visit nar.realtor/coronavirusSBA for additional information on the Paycheck Protection Program (PPP).