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Creenan & Baczkowski, PC Law Blog

Saturday, July 31, 2021

SBA Announces PPP Loan Forgiveness Portal

The US Small Business Administration just announce the new PPP Loan Forgiveness Portal. 

The link is here:  https://directforgiveness.sba.gov.   Applications can be submitted starting August 4, 2021. The SBA also announced its Interim Final Rule on PPP forgiveness: PPP Interim Final Rule - COVID Revenue Reduction Score, Direct Borrower Forgiveness Process, and Appeals Deferment (sba.gov)

The Rule states: 

To further simplify and streamline the forgiveness process for loans $150,000 or less, SBA is making two changes under this interim final rule. First, for Second Draw PPP Loans of $150,000 or less, where the borrower is required to provide revenue reduction documentation at the time of loan forgiveness, SBA is allowing lenders to use a COVID Revenue Reduction Score developed by SBA’s contractor as an optional method to document the borrower’s revenue reduction. Second, SBA is making available a direct borrower forgiveness process for lenders that choose to opt-in as an alternative method for processing borrower loan forgiveness applications for all PPP loans of $150,000 or less.


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