New Streamlined PPP Forgiveness Portal Opens Aug. 4

The U.S. Small Business Administration is offering the “PPP Direct Forgiveness Portal” for borrowers of loans of $150,000 or less.

Right now, the Paycheck Protection Program portal is by invite only. However, it’s scheduled to start accepting applications more broadly on Aug. 4.

Lenders will need to opt into the program so that the SBA can provide direct forgiveness to borrowers. So, if you’re a borrower, you’ll need to reach out to your lender to check to see if they’ve opted in or if they plan to.

There’s a PPP customer service team that can answer questions and help borrowers with their applications. If you’re a borrower who needs help or has questions, you can call 1-877-552-2692 from 8 a.m. to 8 p.m. EDT Monday through Friday.

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.