- U.S. Small Business Administration logs 1 millionth application filed through its PPP Direct Borrower Forgiveness Portal
- The portal opened Aug. 4 to streamline the forgiveness process for Paycheck Protection Program borrowers with loans of $150,000 or less
- 91 percent of 2020 loans eligible for direct forgiveness and nearly two-thirds of eligible 2021 loans have been submitted through the portal
Summary by Dirk Langeveld
The U.S. Small Business Administration has surpassed 1 million Paycheck Protection Program forgiveness applications filed through its PPP Direct Borrower Forgiveness Portal.
The portal opened on Aug. 4 to allow borrowers with PPP loans of $150,000 or less to apply directly to the SBA for forgiveness. Since then, applicants have sought forgiveness for an aggregate of $17 billion in loans.
“With over one million application submissions, our direct forgiveness portal has already given so many of our smallest businesses the ability to apply for forgiveness quickly and smoothly and move forward with their rebuilding and recovery,” said SBA Administrator Isabella Casillas Guzman. “I encourage those eligible PPP borrowers who have yet to apply to visit SBA.gov or contact their lender today.”
- The SBA says 91 percent of all 2020 loans eligible for direct forgiveness were submitted within 45 days of the portal opening, while nearly two-thirds of eligible 2021 loans have also been submitted
- The number of lenders participating in the Direct Borrower Forgiveness Portal has ballooned from 600 at the launch to more than 1,400
- The SBA says the average borrower seeking direct forgiveness can complete their application in six minutes and receive a decision within a week
- The agency is also looking to streamline forgiveness for larger loans by using the COVID Health Score, which helps avoid the need for excessive paperwork