By Andy Medici | Cleveland Business Journal
The Small Business Administration has officially launched a streamlined Paycheck Protection Program loan forgiveness portal.
The portal will allow small-business owners with loans of $150,000 or less to apply for forgiveness directly with the SBA. The Business Journals first reported on the SBA’s portal earlier in July, as well as its efforts to streamline loan forgiveness and allow small-business owners to bypass slow lenders.
“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 SBA Administrator Isabel Casillas Guzman in a press release. “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.”
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