Lenders can begin submitting applications for Paycheck Protection Program (“PPP”) loan forgiveness on August 10th. The Small Business Administration (“SBA”) provided this update last week in a document outlining procedures for the loan forgiveness process.
The notice confirmed the SBA would open a portal specific to loan forgiveness. Only lenders will have access to the portal. PPP lenders can use the platform to submit data and documentation, monitor the status of forgiveness requests, and interact with the SBA in case of an inquiry or a loan review.
The platform’s opening date is subject to extension if legislators make changes to the process that affect the system through any upcoming relief bills. If your business received PPP funds and intends on applying for loan forgiveness, contact your lender to ensure you have taken all of the proper steps for a successful application.