The SBA is trying to accelerate the end of the Paycheck Protection Program by making it easier for business owners to have payroll loans forgiven.
The SBA has notified banks responsible for processing forgiveness requests that the agency is setting up its own online forgiveness platform.
Rather than forcing borrowers to apply through banks, the SBA forgiveness site will accept applications from small borrowers directly in a format that officials estimate will take businesses just a few minutes to go through.
In addition, the SBA will announce plans to spare certain borrowers who received second PPP loans less than $150,000 from having to supply documentation proving that they suffered a 25% drop in revenue in 2020 that was required to obtain the loans.
✋ Note of caution: The bank will need to opt-in to this program. According to the SBA, more than 800 banks have opted in. You can view a list of these banks here. If your lender has not opted in, you will not be able to use the SBA portal and you will need to apply through your lender.