MORE JOBLESS AMERICANS ARE SUING STATES FOR ENDING UNEMPLOYMENT BENEFITS “This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, associate administrator for SBA’s Office of Capital Access. The creation of the portal is designed to speed up the forgiveness process; so far, just 4.1 million loans worth roughly $394.6 billion had been forgiven as of June 30, according to tracking by the Pandemic Response Accountability Committee.
“These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process,” SBA Administrator Isabel Guzman said in a statement. “We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.” JOB SEARCHES SPIKED IN STATES PREMATURELY ENDING UNEMPLOYMENT BENEFITS
More than 600 banks have opted in to direct forgiveness so far, the SBA said, which will allow some 2 million borrowers to access the portal, or roughly 30% of loans worth $150,000 or less that have not yet applied for forgiveness. Eligible individuals will receive an email from the SBA with a link to the portal. The Small News Administration announced Wednesday the direct portal, which is slated to open Aug. 4, will be available to business owners with PPP loans worth less than $150,000. Previously, businesses could only apply for PPP loan forgiveness through their lender.
Although the program provided critical relief to struggling businesses, it was also plagued by complaints of fraud and criticism that it overlooked the neediest businesses.
CLICK HERE TO READ MORE ON FOX BUSINESS Lawmakers created the rescue fund — a vital lifeline that provided forgivable loans to businesses if they maintained their payroll — in March 2020 with the passage of the $2.2 trillion CARES Act, just a few weeks after the pandemic took hold. Twice replenished, the PPP distributed roughly $800 billion in forgivable loans to some 11.8 million businesses, according to government data.
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- Small businesses can apply for PPP loan forgiveness directly through the new portal
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