SBA to open PPP direct forgiveness portal
TOPEKA, Kan. (WIBW) - The Small Business Administration will open applications to its new PPP direct forgiveness portal on Aug. 4.
The U.S. Small Business Administration says it has launched a streamlined application portal to allow borrowers of the Paycheck Protection Program with loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
“In Region VII (Kansas, Missouri, Iowa, Nebraska) there are 867 lenders already signed up to use the new forgiveness portal and they completed 216,938 PPP loans under $150,000, representing over $4.6 billion dollars of PPP loans. The opening on this portal allows a simpler method for borrower and lender to meet the need of the business, lender and the agency,” said Region 7 Acting Administrator Leon Milobar.
According to the SBA, the change will help rush relief to over 6.5 million small businesses, which has been the priority of Administrator Isabel Guzman since the first day.
The SBA said the new forgiveness platform will start to accept applications from borrowers on Aug. 4, 2021. It said lenders are required to opt-in to the program through its website.
According to the Administration, an area lender weighed in on why they opted to use the new Forgiveness portal.
“We think it provides an easier and quicker route for our customers,” said Leslie Anderson, CEO of i3 Bank in Bennington Neb.
“Chisholm Trail State Bank has opted-in to the SBA PPP Forgiveness Portal to allow our customer’s a streamline service to file forgiveness on loans of $150,000 and less. As always, our customers can contact us for any questions or help they need during the forgiveness process,” said Cuy Mauck, President & CEO of Chisholm Trail State Bank in Wichita.
In addition to the technology platform, the SBA said it will set up a PPP customer service team to answer questions and help borrowers with forgiveness applications. It said borrowers that need help or have questions should call 877-552-2692, Monday through Friday, from 7 a.m. to 7 p.m. CST.
“This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, Associate Administrator for SBA’s Office of Capital Access. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”
If you are a lender and need to opt-in to the program, click HERE.
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