The Small Business Administration said Wednesday that it will launch in early August a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness.
The new forgiveness platform will begin accepting applications from borrowers on Aug. 4.
"The SBA's new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic," SBA Administrator Isabel Casillas Guzman said in a statement.
"The vast majority of businesses waiting for forgiveness have loans under $150,000," Guzman said.
The new portal will "help rush relief to over 6.5 million smallest of small businesses," the SBA said.
