![]() ![]() How does the new SBA PPP Direct Forgiveness Portal / platform work? The platform’s portal began accepting online PPP forgiveness applications from qualified borrowers (whose lenders have opted-in) on August 4, 2021. If your PPP loan was for $150,000 or less, AND if your lender has opted-in to the use of the platform, you will be able to submit your PPP loan forgiveness application online directly to the SBA, using the electronic equivalent of SBA Form 3508S.Īccording to the SBA press release, “Over 600 banks have opted in to direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness).” The SBA has established an online PPP forgiveness platform called the SBA PPP Direct Forgiveness Portal. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free ! Details on the SBA’s new “PPP Direct Forgiveness Portal”įirst, the big news (for most PPP borrowers). Womply has made email marketing truly automatic for busy small business owners and all types of independent contractors. Let’s go over these three changes in more detail. The SBA is extending the loan deferment period for those PPP loans where the borrower has filed a timely appeal of a final SBA loan review decision with the SBA Office of Hearings and Appeals.The SBA is further streamlining the forgiveness process for second-draw PPP loans of $150,000 or less by allowing lenders in certain cases to use a new COVID Revenue Reduction Score (assigned by the SBA) at the time of forgiveness to document the required revenue reduction and.You can also see the SBA’s webinar explaining how the direct forgiveness portal works You can check to see if your lender has opted in to the SBA’s direct forgiveness platform by checking the SBA’s list of participating direct forgiveness lenders. The SBA has established a SBA PPP Direct Forgiveness Portal for borrowers-whose lenders choose to opt-in-as an alternative method of processing loan forgiveness applications.The guts of the IFR contain 3 important changes to the Paycheck Protection Program loan forgiveness process for loans of $150,000 or less: On July 28, 2021, the SBA announced a new interim final rule on PPP loan forgiveness.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |