If your company took out a Paycheck Protection Program (PPP) loan to get through the pandemic, forgiveness just got easier, thanks to a new SBA portal.
The U.S. Small Business Administration (SBA) has launched the new portal for businesses to apply for direct forgiveness of PPP loans.
It enables borrowers to bypass SBA’s Form 3508S and electronically submit the required data.
One condition, though: Loans must be up to $150,000.
Ask these first about your PPP loan
Before you take advantage of the new SBA portal, ask these two questions:
- Has your lender opted in to the portal? Check here. Some larger banks may insist that you submit applications to them directly.
- Do you have a “COVID revenue reduction score”? Employers that didn’t submit revenue reduction documentation with their loan applications will have to get their score through an SBA-appointed third-party revenue reduction authentication contractor.
Remember, under the Paycheck Protection Program Flexibility Act, employers don’t have to wait until the original six-month period passes to apply – they’re now able to do so after eight weeks.
For assistance or questions about the SBA portal, you can contact SBA PPP specialists weekdays from 8 a.m. to 8 p.m. EST at 877-552-2692. You can also try your local SBA field office.