The Small Business Administration (SBA) is now allowing certain businesses with PPP loans of $150,000 or less to apply directly through a new SBA portal for the forgiveness of their loan.
The SBA portal provides a single secure location for eligible borrowers to apply for forgiveness using an electronic equivalent of the SBA Form 3508S. Find more details here.
This new change will help rush relief to more than 6.5 million of the smallest businesses, which has been the administrator’s priority since day one.
Lenders are required to opt-in to this program by accessing this website. In addition to the technology platform, the SBA is creating a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers who need assistance or have questions should call (877) 552-2692, Monday–Friday, 5 a.m. to 5 p.m. Learn more.
SBA leadership has dedicated additional management capacity and resources to COVID Economic Injury Disaster Loans (EIDL). As a result, the SBA announce dprocess improvements yielding more streamlined applicant experiences.
SBA is investing in an improved customer service experience for COVID EIDL applicants which includes more than doubling customer service capacity, enhancing customer service standards that are personalized to applicants’ questions, and developing more detailed application completion support. Funding is still available.
