New PPP Program Working

Since the opening of the Paycheck Protection Program – or PPP – Direct Borrower Forgiveness Portal on August 4, the Small Business Administration has received more than 340,000 submissions from borrowers with PPP loans of $150,000 or less.

The SBA received 986 PPP forgiveness submissions from borrowers in Kansas.

Prior to this option, businesses that did not apply for forgiveness within 10 months of the end of the covered period were at risk of owing principal and interest payments on their PPP loans.

Before direct forgiveness, borrowers had to take the initiative to download forgiveness forms, or get forms from their banks to complete and submit.

Through the new process, borrowers can submit forms using a computer or smartphone.

On average, users submit their applications in only six minutes, and receive their forgiveness decisions within a week from the date of submission.

Of the applications submitted through the portal, half have already been approved for full or partial forgiveness, totaling more than $2.4 billion.