On March 27, 2020, the US government passed the CARES Act in response to the COVID-19 crisis. Under the CARES Act, the Small Business Administration (SBA) offered loans under the Paycheck Protection Program (PPP). On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) was enacted to extend the PPP and authorize the SBA to guarantee additional PPP loans (Second Draw PPP Loans) to eligible borrowers. On March 30, 2021, the PPP Extension Act of 2021 (Extension Act) extended the SBA’s authority to guarantee PPP loans through June 30, 2021.
On July 28, 2021, the SBA issued a press release announcing the opening of a streamlined SBA portal where PPP borrowers can apply for loan forgiveness for PPP loans of $150,000 or less directly with the SBA, rather than going through their PPP lenders. The SBA said that most PPP lenders waiting for loan forgiveness have PPP loans under $150,000. This new portal is intended to simplify the process for over 6.5 million businesses so that they can focus on running their businesses and fueling the economy.
The new platform will begin accepting loan forgiveness applications from borrowers on August 4, 2021. Lenders must opt-in to this program through https://directforgiveness.sba.gov.
The SBA is also creating a PPP customer service team to answer questions and directly assist borrowers with their loan forgiveness applications. Borrowers can call (877) 552-2692, Monday through Friday, from 8:00 a.m. to 8:00 p.m. (EST).
If you have any questions about PPP Loan Forgiveness or business questions in general reach out to Kevin A. James, Esq.
Kevin A. James is a business attorney in Placerville, CA. He helps business owners navigate the complex legal landscape in California with the goal of making his client’s businesses more profitable and simpler to operate. He can be reached at kjames@bncj-law.com or (530) 295-6407 (direct).
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