- July 29, 2021
- Posted by: Stratford Team
- Category: Business
Millions of small businesses could soon see a simplified loan forgiveness application process after receiving funds to keep paying workers and stay afloat amid the COVID pandemic.
The Small Business Administration announced Wednesday that it’s launching a new portal for small businesses to apply directly for Paycheck Protection Program loan forgiveness through the agency. This comes as only about half of the $800 billion in so-called PPP distributed amid the pandemic has been forgiven so far.
The direct portal, which will open for applications starting August 4, will be available for businesses that had PPP loans of $150,000 or less. Previously, businesses were only able to apply for PPP forgiveness through their lender.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive…