Fantastic news for small business owners — the SBA direct PPP forgiveness portal is now open! Those who have borrowed $150,000 or less from the Paycheck Protection Program (PPP) can apply for PPP loan forgiveness directly through the SBA portal. This new direct forgiveness program will simplify the PPP forgiveness process and give faster relief to those that need it most.
The majority of small businesses waiting for PPP forgiveness have debt under $150,000, so this streamlined program will have a significant impact on borrowers.
In order to get through the application process, you will need:
- Your EIN, SSN, or ITIN number
- Your SBA Loan Number
- This is a 10-digit number that was assigned by the SBA. You can find this number on your loan agreement or loan closing documents; if you can’t find it, contact the lender or call the SBA at (877) 552-2692. Keep in mind that this is not the Lender PPP Loan Number, which was assigned by your lender. The SBA Loan Number was assigned by the SBA.
- Be prepared and know which covered period you used (8 weeks, 24 weeks, or other)
- Your gross receipts amount for 2019
- Your gross receipts amount for 2020
- The number of employees you had when you applied for your PPP loan
- The number of employees you have today
- The amount of your PPP loan you spend on payroll
- The amount you are requesting for forgiveness
As you do the application in the portal, the system may request that you upload certain documents. In many cases, you will not be required to submit any documentation.
We suggest you reference the SBA’s step-by-step guide on the forgiveness application process. If you run into any trouble with applying for forgiveness please reach out to us for immediate assistance.