Get 100% PPP Forgiveness Trough SBA Direct Portal [Complete Guide]

The Small Business Administration (SBA) launched an application portal to allow PPP Loan Forgiveness borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less to apply for PPP forgiveness directly through SBA portal. The new PPP loan forgiveness platform will begin accepting applications from PPP borrowers on August 4. Lenders will be required to opt-in to this program through the SBA portal.

00:00 - SBA Direct Portal
02:53 - How to get PPP loan forgiveness throught the SBA Direct Portal
05:28 - Example of the PPP Loan forgiveness application
08:03 - What documentaion do you need to provide to get Paycheck Protection Program Loan forgiveness
09:43 - What should you receive from SBA direct portal to get your PPP loan forgiveness

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The new direct PPP loan forgiveness portal will help speed up the process to provide relief to those nearly 7 million borrowers. Many of these borrowers are small businesses who may not have the capacity to apply for forgiveness through a complex system, and the new portal will provide forgiveness more efficiently.

The SBA direct forgiveness portal will begin to accept applications from qualifying small businesses on August 4, and it is estimated the portal will take just a few minutes to complete. In an attempt to expedite the forgiveness process borrowers will no longer need to go through their bank – though lenders will still have a role in determining whether a loan should be forgiven.

Counties are deeply invested in the health and vitality of their local economies through workforce training, business attraction and retention and other community and economic development activities. Counties across the country have acted quickly to support their small businesses with needed cashflow and practical guidance. The new direct PPP forgiveness portal will help local businesses get the relief they need as the nation pivots towards recovery. Counties should be aware of all forms of assistance available to small businesses within their county as they strategize about how to invest American Rescue Plan Act funds most efficiently.

“This initiative will allow paycheck protection program borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, Associate Administrator for SBA’s Office of Capital Access. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”

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