Since the opening of the Paycheck Protection Program – or PPP – Direct Borrower Forgiveness Portal on August 4, the Small Business Administration has reached a milestone in submissions from borrowers with PPP loans of $150,000 or less.
The SBA has received applications for over $17 billion of relief from more than one million of America’s smallest businesses.
The number of Direct Forgiveness participating lenders has more than doubled from 600 when the portal opened, to over 1,400.
91% of all loans eligible for direct forgiveness in the 2020 PPP portfolio have been submitted, and 65% of all 2021 loans are already submitted.
Through the new process, borrowers can submit forms using a computer or smartphone.
On average, users submit their applications in only six minutes.
More information can be found at DirectForgiveness.sba.gov