SBA to Further Streamline PPP Loan Forgiveness Process for Loans of $150,000 or Less

Great news today for PPP borrowers that received a loan of $150,000 or less!  If you haven’t yet applied for forgiveness, the SBA will be outlining today, a new streamlined approach for application that involves using a platform directly with the SBA, versus having to apply through your original lender.  It is expected that the SBA’s portal will require only a few minutes of the borrower’s time when applying.  It is important to note that lenders will need to opt into the SBA’s new portal, so this is not an automatic change for all borrowers.  The anticipated ‘go live’ date for this portal is August 4^th.  Please continue to be in touch with your lender directly for more information on whether or not they intend to utilize this platform.