This portal is meant to streamline the process for loan forgiveness, which is currently managed by the SBA through respective individual lenders. The most significant element of the new streamlined process is the “opt-in” alternative method of processing loan forgiveness applications. Currently, lenders are individually responsible for their own internal collection of loan forgiveness applications, which they are then required to submit to the SBA for approval. Apparently 93% of PPP borrowers fall within this demographic, so this is welcome news for a great many small business owners. In these instances, borrowers must continue to submit loan forgiveness applications directly to their lenders.

Source: Forbes August 05, 2021 23:03 UTC