This week, the U.S. Small Business Administration (SBA) announced a streamlined forgiveness process for loans of $150,00 or less, which account for more than 90 percent of all Paycheck Protection Program (PPP) loans made.
SBA has opened a portal for small-dollar borrowers to directly apply for streamlined forgiveness in a pilot stage. This means that eligible borrowers apply for forgiveness directly with SBA, rather than working through your PPP lender. The direct forgiveness application is expected to take borrowers about ten minutes to complete. At this time, eligible businesses will be invited to the pilot by SBA. The portal is currently expected to open to all eligible businesses beginning August 4, 2021.