The US Small Business Administration has opened an online portal for small businesses to apply for forgiveness of their PPP loans. Until now, the only way to apply for PPP forgiveness was with the bank that gave you the loan. This new portal allows you to bypass your bank and go directly to the Small Business Administration for PPP forgiveness.
You must meet 2 important criteria to use the SBA’s direct forgiveness portal:
- Your PPP loan must have been $150,000 or less, AND
- The bank where you got your PPP loan must be signed up with the SBA for direct forgiveness
If your PPP loan was for $150,000 or less and you are interested in applying directly with the SBA for forgiveness instead of your bank, the first step is to see if your lender is participating in direct forgiveness. You can view the SBA’s list of lenders here.
If your bank is not on the SBA’s list, or if your PPP loan was for more than $150,000, you cannot use the SBA’s new portal and will have to apply with your bank for forgiveness.
To apply for forgiveness on the SBA’s direct portal, you will need the following information, which is similar to what you’ll need if you are applying with your bank:
- Your company’s Federal Employer Identification Number (FEIN)
- Your PPP loan number and amount of your loan
- The number of employees you had when you got your PPP loan and how many you have today
- The amount of your PPP loan you spent on payroll
- The amount of forgiveness you are requesting (which is the same as the amount of your PPP loan if you spent your loan on payroll and the other approved expenses like rent and utilities)
If you have any question about PPP forgiveness, you can ask our experts by emailing email@example.com us or calling 800-262-4483.