Small Business Association Simplifies PPP Process

The U.S. Small Business Association (SBA) announced a new SBA PPP Direct Forgiveness Portal that allows borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less to apply for forgiveness directly with the SBA, rather than going through their lender. According to the SBA, 93 percent of outstanding PPP loans are $150,000 or less, and 600 banks have opted in to “direct forgiveness,” allowing more than 2.17 million borrowers to apply through the portal.