The SBA said its Paycheck Protection Program Direct Borrower Forgiveness Portal has topped 1 million applications for $17 billion in relief since it launched Aug. 4.
Portal: The portal allows borrowers with PPP loans of $150,000 or less to directly apply for forgiveness. Lenders may opt in, but they still must review borrower-submitted information on the PPP platform and make a forgiveness decision.
Participation: The SBA said more than 1,400 PPP lenders have opted in, while 65% of all loans eligible for direct forgiveness have been submitted.
Advocacy: In congressional testimony earlier this month, ICBA said the SBA must respect lenders that choose not to use the portal, which led the agency to withdraw its threat to audit PPP lenders that don’t participate.
Resources: Additional PPP information is available on ICBA's PPP Resources page.
