![]() Here’s the SBA’s recording of a training webinar for use of the direct forgiveness portal. Upon receipt of notice that you have applied for forgiveness through the platform, your lender will review the loan forgiveness application in the platform and issue a forgiveness decision to the SBA inside the platform. If your lender has opted-in to allow you to submit your PPP forgiveness application via the platform, and you have not already submitted a PPP forgiveness application via your lender, you will be given credentials to log in to the SBA PPP Direct Forgiveness Portal and submit your electronic PPP loan forgiveness application directly. How does the new SBA PPP Direct Forgiveness Portal / platform work? The platform’s portal began accepting online PPP forgiveness applications from qualified borrowers (whose lenders have opted-in) on August 4, 2021. If your PPP loan was for $150,000 or less, AND if your lender has opted-in to the use of the platform, you will be able to submit your PPP loan forgiveness application online directly to the SBA, using the electronic equivalent of SBA Form 3508S.Īccording to the SBA press release, “Over 600 banks have opted in to direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness).” The SBA has established an online PPP forgiveness platform called the SBA PPP Direct Forgiveness Portal. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free ! Details on the SBA’s new “PPP Direct Forgiveness Portal”įirst, the big news (for most PPP borrowers). Womply has made email marketing truly automatic for busy small business owners and all types of independent contractors. Let’s go over these three changes in more detail. The SBA is extending the loan deferment period for those PPP loans where the borrower has filed a timely appeal of a final SBA loan review decision with the SBA Office of Hearings and Appeals. ![]() ![]() The SBA is further streamlining the forgiveness process for second-draw PPP loans of $150,000 or less by allowing lenders in certain cases to use a new COVID Revenue Reduction Score (assigned by the SBA) at the time of forgiveness to document the required revenue reduction and.You can also see the SBA’s webinar explaining how the direct forgiveness portal works You can check to see if your lender has opted in to the SBA’s direct forgiveness platform by checking the SBA’s list of participating direct forgiveness lenders. The SBA has established a SBA PPP Direct Forgiveness Portal for borrowers-whose lenders choose to opt-in-as an alternative method of processing loan forgiveness applications.The guts of the IFR contain 3 important changes to the Paycheck Protection Program loan forgiveness process for loans of $150,000 or less: On July 28, 2021, the SBA announced a new interim final rule on PPP loan forgiveness.
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