SBA loan forgiveness portal reaches 1 million application milestone

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One million applications have now been received by the U.S. Small Business Administration’s Paycheck Protection Program Direct Borrower Forgiveness Portal from borrowers seeking forgiveness for loans of $150,000 or less.  

The SBA announced the milestone Wednesday. Since the portal’s launch on Aug. 4, the organization has received applications for more than $17 billion in loan relief.  

“We are committed to delivering against the promise of forgiveness for our eligible PPP borrowers. Our innovative direct forgiveness portal is helping our PPP borrowers get back to doing what they do best – creating jobs and powering our nation’s economy,” SBA Administrator Isabella Casillas Guzman said in a news release. “With over one million application submissions, our direct forgiveness portal has already given so many of our smallest businesses the ability to apply for forgiveness quickly and smoothly and move forward with their rebuilding and recovery. I encourage those eligible PPP borrowers who have yet to apply to visit SBA.gov or contact their lender today.”    

The SBA said the number of lenders participating in the program has more than doubled from 600 at its launch last month to more than 1,400. Borrowers whose loans are through banks that have chosen not to participate in the SBA program must apply through their lender for forgiveness. 

In addition, 65% of 2021 PPP loans eligible for direct forgiveness have been submitted, the organization said.  

The Direct Borrower Forgiveness Portal applications take an average of six minutes to complete via computer or smartphone, according to the SBA, with most application decisions made within a week from the submission date. 

The portal can be accessed from the SBA website at https://directforgiveness.sba.gov. Assistance is available by calling 877-552-2692 Monday through Friday from 8 a.m. until 8 p.m.