The U.S. Small Business Administration's Paycheck Protection Program Direct Borrower Forgiveness Portal recorded its 1 millionth PPP loan forgiveness application for borrowers seeking forgiveness for loans of $150,000 or less, according to an SBA news release.
“Our innovative direct forgiveness portal is helping our PPP borrowers get back to doing what they do best — creating jobs and powering our nation’s economy,” said SBA Administrator Isabella Casillas Guzman. “With over one million application submissions, our direct forgiveness portal has already given so many of our smallest businesses the ability to apply for forgiveness quickly and smoothly and move forward with their rebuilding and recovery. I encourage those eligible PPP borrowers who have yet to apply to visit SBA.gov or contact their lender today.”
Since the portal’s launch on Aug. 4, the SBA has received applications for more than $17 billion of relief from more than 1 million of America’s smallest businesses.
"In fewer than 45 days, 91 percent of all loans eligible for direct forgiveness in the 2020 PPP portfolio have been submitted, showcasing the SBA’s efficiency in delivering relief to entrepreneurs who suffered during the height of the pandemic," the release said. "Furthermore, the number of Direct Forgiveness participating lenders has more than doubled from 600 when the portal opened, to more than 1,400 today."
With the introduction of the new PPP Direct Forgiveness Portal, the SBA has streamlined application processes in order to recenter the user experience around small business owners. A borrower of a participating lender, for instance, can now complete most or all of a forgiveness application using a computer or, for the first time, their smartphone, the release said.
"On average, users are able to complete and submit directly to the SBA their applications in just six minutes, and most receive their forgiveness decisions within a week from the date of submission," according to the release.
Eligible interested borrowers can access the portal from the SBA website at directforgiveness.sba.gov. Borrowers needing assistance with their forgiveness applications or have questions can contact the PPP customer service team by calling 877-552-2692, Monday-Friday, 6 a.m.-6 p.m. MT.
Borrowers whose loans are through banks that have chosen not to opt-in to the SBA’s direct forgiveness portal must apply through their lender for forgiveness.