WASHINGTON—The Small Business Administration said it is making changes to its Paycheck Protection Program (PPP) loan forgiveness application process.
According to the SBA, the changes “allow all PPP borrowers to apply for loan forgiveness through the SBA PPP Direct Forgiveness Portal, regardless of their loan size or Lender.”
The updated rules also require all lenders to process forgiveness applications though the SBA’s PPP forgiveness portal regardless of prior internal approval processes.
Automatic Enrollment
“To facilitate this transition, SBA will automatically enroll all lenders not currently participating in the direct forgiveness platform,” the agency said in a statement.
The SBA further stressed that all existing program requirements remain, and this change does not alter forgiveness criteria.
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