New SBA Direct Forgiveness Portal
Instructions for Paycheck Protection Program (PPP) Loan Forgiveness Applications up to $150,000
Great news! The SBA has launched a streamlined portal for borrowers to apply for PPP loan forgiveness directly through the SBA. This Direct Forgiveness Portal allows borrowers, whose PPP loans are $150,000 or less, to apply for forgiveness by submitting a simple prefilled application. This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again.
This new portal will be available to accept applications starting August 4, 2021. This will simplify and deliver forgiveness more efficiently for businesses, including sole proprietors, who used funds from the Paycheck Protection Program loans to survive the pandemic.
To apply for PPP forgiveness, access the portal by clicking here. Please review the step-by-step user guide for reference. The SBA also has a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call 877.552.2692, Monday – Friday, 7am – 7pm.
Instructions for Paycheck Protection Program (PPP) Loan Forgiveness Applications over $150,000
Please forward a completed SBA Payment Protection Program (PPP) Loan Forgiveness Checklist, including the appropriate SBA application (Form 3508 or 3508EZ) and supporting documentation to pppforgiveness@nbcbanking.com. NBC will submit these requests to the SBA within 60 days of receipt.
Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs and provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working, and helping businesses come back stronger than ever.
Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program. To learn more about these programs, please visit www.sba.gov/relief.
