Paycheck Protection Program forgiveness portal announced
(WWBT) - A new portal is making it easier for businesses with loans through the Paycheck Protection Program (PPP) to apply for forgiveness.
Starting in August, small businesses that have loans of $150,000 or less can apply directly through the U.S. Small Business Administration.
The system is meant to streamline those applications and simplify the process.
The portal will start taking applications on Aug. 4.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses -- including many sole proprietors -- who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
For more information, click here.
Copyright 2021 WWBT. All rights reserved.
Want NBC12’s top stories in your inbox each morning? Subscribe here.