Did you receive $150,000 or less in CARES Act Paycheck Protection Act funds? Then you can qualify to use a new streamlined process for securing loan forgiveness. The Small Business Administration’s new Direct Forgiveness Portal “will simplify forgiveness for millions of our smallest businesses … who used funds from our Paycheck Protection Program loans to survive the pandemic,” SBA Administrator Isabel Casillas Guzman says in a release. “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,” she says.
“Many small business owners who took on the loans are currently unable to pay them back,” notes the National Association for Home Care & Hospice in its member newsletter. The direct, streamlined forgiveness process should help alleviate that pressure. Access the portal and an accompanying 29-page user guide at https://directforgiveness.sba.gov.