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Legal Alert: SBA Reports That PPP Forgiveness Process Will Be More Streamlined

July 29, 2021

The SBA announced that, as of August 4, 2021, it will have a new portal to submit applications for forgiveness of all loans less than $150,000.00.  Due to the extensive backlog of applications, the SBA has elected to open the new portal.  This will allow borrowers with smaller loans to avoid the lengthy process of going through the larger lenders’ forgiveness process and go directly to the SBA.   You will need to check with your lender to determine whether it opted into this new direct forgiveness process.

 

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The contents of this Alert are for informational purposes only and do not constitute legal advice. If you have any questions about this Alert, please contact the Shulman Rogers attorney with whom you regularly work or Paul O’Reilly in the Small Business Lending Group.