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PPP Loan Forgiveness Update

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July 29, 2021

Dear Clients, Colleagues and Friends,

The SBA has announced the opening of a Paycheck Protection Program Direct Forgiveness Portal. This will allow borrowers to apply for loan forgiveness directly through the SBA, rather than through their lender. Below are some highlights on this new portal:

  • Lenders will have to opt in to allow their borrowers to use the SBA portal. If the lender does not opt in, borrowers will still need to apply for forgiveness through the lender directly.
  • To be eligible, the borrower’s PPP loan must be $150,000 or less.
  • The portal will begin accepting applications from borrowers on August 4, 2021.

The SBA also announced a new PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions can call 877-552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.

For more details on the SBA Press Release, please visit this link: https://www.sba.gov/article/2021/jul/28/sba-announces-opening-paycheck-protection-program-direct-forgiveness-portal

For all of our COVID-19 updates, please visit our website at www.pntax.com and our COVID-19 updates page at https://www.pntax.com/covid-19/.

If you have any questions or need further information, please contact your Presti & Naegele professional directly, or dial 212-736-0055 for immediate assistance.

Presti & Naegele