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SBA Creates Direct Forgiveness for Small-Dollar Relief Loans

July 28, 2021, 6:38 PM

Paycheck Protection Program borrowers with loans of $150,000 or less would be able to directly apply to the Small Business Administration for forgiveness, rather than going through their lender.

The interim final rule released by the agency on Wednesday allows lenders to opt in to the alternative method for processing PPP loans, reducing the burden on lenders to service forgiveness applications. The guidance is an effort to speed up the forgiveness process and make it easier for small PPP lenders, the SBA indicated.

  • Loans of $150,000 or less represent 93% of the outstanding PPP loans, and small lenders ...

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