Starting August 4, the U.S. Small Business Administration (SBA) will launch an application portal intended to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
In Kansas Missouri, Iowa and Nebraska alone, the 867 lenders have completed 216,938 PPP loans for a total of $4.6 billion dollars.
Administrators say that the portal will make for a more streamlined process between borrowers and lenders to meet the needs of businesses.
The PPP was established by the CARES Act in 2020 and was among the first small business economic aid programs after the start of the COVID-19 pandemic. To date, their assistance programs have given more than $798 billion. This funding benefits small businesses and nonprofits across the nation, helping struggling businesses return even better than before.
To lend, you are required to join the program at https://forgiveness.sba.gov/
The SBA is creating PPP customer service where any questions can be answered. They will also directly assist borrowers with their forgiveness applications. To contact them, call (877) 552-2692 open Monday-Friday, 8am-8pm.
