On Wednesday, July 28, 2021, SBA announced a new initiative to encourage borrowers with PPP loans of less than $150,000 to apply for loan forgiveness sooner rather than later. SBA notified banks (which were responsible for issuing PPP loans) that SBA is setting up its own online portal so that borrowers can apply for loan forgiveness directly with SBA. The SBA portal will likely be more streamlined and require less documentation than the banks’ loan forgiveness process.

If you have questions, please contact Jeff Femrite at jfemrite@scholznonprofitlaw.com.