WASHINGTON – The U.S. Small Business Administration is launching a streamlined application portal to allow borrowers with Paycheck Protection Program loans under $150,000 through participating lenders to apply for forgiveness directly through the SBA.
“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 the pandemic,” Administrator Isabel Casillas Guzman, said. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more effic