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SBA Opens Paycheck Protection Program Direct Forgiveness Portal

New portal will streamline forgiveness for Western New York businesses with PPP loans of $150,000 or less
Release Date: 
Thursday, July 29, 2021
Release Number: 
21-0296-01
Contact: 
Press_Office@sba.gov

WASHINGTON – The U.S. Small Business Administration will launch a streamlined Paycheck Protection Program forgiveness application portal to allow borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA. On August 4, the portal will begin accepting applications from borrowers who have a PPP loan with a lender that has opted into the forgiveness portal.

“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.”
 
“The SBA is making the forgiveness process more efficient for small businesses so they can recover more fully, get back on track and grow,” said Buffalo District Director Franklin J. Sciortino. “The largest segment of Paycheck Protection Program loans awaiting forgiveness in the Buffalo District are $150,000 or less. Small businesses and non-profits with a PPP loan through a lender that opts into this portal will be able to apply for forgiveness through this easier method.”

“The SBA’s PPP Forgiveness Platform will make the forgiveness process easier for businesses that received these critical funds during the pandemic,” said Keith Cleary, Senior Vice President/Director, Business Banking, ESL Federal Credit Union, a local PPP-participating lender.

“The intuitive platform will allow our business customers who utilized these loans to apply for forgiveness at their convenience, and track progress and approval of their forgiveness status. Additionally, the pre-population of loan information for borrowers into the appropriate form will be a valuable timesaver for our customers. The agency has been an outstanding partner and leader throughout the PPP process for lenders such as ESL and small businesses alike. This platform is the latest benefit provided by the SBA that puts the needs of small businesses first,” Cleary added.

SBA ATLANTIC REGION PPP LOAN TOP LINES

YEAR

STATE

LOAN COUNT

VOLUME

2021

NY

415,741

$22,734,700,124

2020

NY

348,870

$38,699,947,686

2021

NJ

153,261

$8,412,871,701

2020

NJ

157,405

$17,360,085,952

2021

PR

30,740

$949,028,507

2020

PR

39,544

$1,821,671,163

2021

USVI

1,373

$76,067,379

2020

USVI

2,057

$126,446,683

 

TOTAL

                                                   1,148,991

$90,180,819,195

 

The new forgiveness portal will help rush relief to over 6.5 million smallest of small businesses which have been the Administrator’s priority since day one. The SBA also is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers needing assistance or with questions can call 1-877-552-2692, Monday – Friday, 8 a.m. to 8 p.m. ET. Lenders must opt into the program through https://directforgiveness.sba.gov.

 Paycheck Protection Program Summary

  • Overall, the SBA and lenders worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.
  • In 2021:
    • SBA approved over 6.5 million loans totaling over $275 billion
    • The average PPP loan size was approximately $42,000 (compared to $101,000 in 2020)
    • 96% of PPP loans went to businesses with fewer than 20 employees (compared to 87% in 2020)
    • 32% of loans went to businesses in low to moderate income communities (compared to 24% in 2020)

Direct Forgiveness Summary

  • Over 600 banks have opted into direct forgiveness, enabling over 2.17 million borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness).

Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs. It provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working, and helping businesses come back stronger than ever.   

Other COVID-19 economic aid programs administered by the SBA include Economic Injury Disaster Loans, EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant and SBA Debt Relief program. To learn more about these programs, visit www.sba.gov/relief.   

 


 

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.