Are you still waiting to hear of your PPP loan was forgiven? You are not alone.
PPP Direct Forgiveness Portal
The SBA announced that it is launching a streamlined application portal to allow borrowers with PPP loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. The new forgiveness platform began accepting applications from borrowers on August 4th, 2021.
In addition to the technology platform, the SBA is setting up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call (877) 552-2692, Monday to Friday, 8 a.m.-8 p.m. EST. More information on the PPP direct forgiveness portal is available at here.
Loan Necessity Questionnaires
The Loan Necessity Questionnaires were used to facilitate the collection of supplemental information that would be used by SBA loan reviewers to evaluate the good faith certification made by PPP borrowers on their loan application that economic uncertainty made the loan request necessary to support ongoing operations. Each borrower, that together with its affiliates, received PPP loans with an original principal amount of $2 million or greater was required to complete the form. In July, the SBA said it would no longer request either version of the Loan Necessity Questionnaire based on the results of loan reviews that it has completed thus far, believing that audit resources will be more efficiently deployed across all loans if the questionnaire were discontinued.
If you need any help with your PPP loan, or have questions, don’t hesitate to reach out to us.