(WFXR) — The Small Business Administration is opening a new application portal on Wednesday in order to expedite the process of getting your Paycheck Protection Program loans forgiven.
However, this is only for loans of $150,000 or less.
This portal is reportedly designed to cut out the “middle man” — the banks — when verifying each loan.
“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.”
According to the Small Business Administration, this streamlined portal will help rush relief to more than 6.5 million small business.
The new forgiveness platform will start accepting applications from borrowers on Wednesday, Aug. 4. However, lenders are required to opt-in to this program by following this link.
For breaking news delivered to you, subscribe to WFXR’s breaking news email list