After the confusion of the first Paycheck Protection Program (PPP) Loan Forgiveness process, there is hope! The Small Business Administration (SBA) announced a new portal for borrowers of $150,000 or less in the second round of PPP loans which allows borrowers to apply directly to the SBA for forgiveness. Lenders must opt-in for borrowers to be able to take advantage of this new option.
The new platform will begin accepting applications on August 4th, 2021. There will also be a new SBA customer service team dedicated to assist borrowers with the new forgiveness process.
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