Beginning Wednesday, Aug. 4, the U.S. Small Business Administration (SBA) is launching an application portal to allow borrowers with Paycheck Protection Program loans of $150,000 or less to apply for loan forgiveness directly through the SBA, according to a press release.
MMCDC is among the lenders that has opted to allow its borrowers to use the streamlined application process. An SBA customer service team will be available to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”