Paycheck Protection Program (PPP) Direct Borrower Forgiveness Portal Exceeds Expectations
Since the PPP Direct Borrower Forgiveness Portal
opened on August 4, the SBA has received more than 340,000 submissions from borrowers with PPP loans of $150,000 or less. This is over three times the number of submissions than the top 10 PPP lenders that aren’t participating in Direct Forgiveness.
Prior to this direct forgiveness option, borrowers had to download forgiveness forms or get forms from their banks. Through this simpler process, the SBA proactively reaches out to borrowers and provides a pre-populated forgiveness form to the borrower that they can complete in the new direct forgiveness portal.
Borrowers can submit using a computer or smartphone. On average, users submit their applications in only six minutes and receive their forgiveness decisions within a week from the date of submission. More than half of the applications submitted through the portal have already been approved for full or partial forgiveness.
Borrowers whose loans are through banks that have chosen not to opt-in to the SBA’s direct forgiveness portal must apply through their lender for forgiveness. Read the full news release here