The U.S. Small Business Administration will launch a streamlined Paycheck Protection Program loan forgiveness application site in August for borrowers with loans of $150,000 or less.
SBA administrator Isabel Casillas Guzman said the vast majority of PPP recipients received pandemic relief loans of less than $150,000. "These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
The SBA says the site will benefit about 6.5 million small businesses, simplifying a forgiveness process that has drawn criticism for its complexity.
Participating lenders are required to opt-in to the program, which begins accepting forgiveness applications from borrowers on August 4, 2021.
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