Thursday, March 23, 2023
Home Business tips Comment on A Million Small Businesses Have Applied for PPP Loan Forgiveness...

Comment on A Million Small Businesses Have Applied for PPP Loan Forgiveness with SBA Portal by Robert Brady

The Small Business Administration’s (SBAs) PPP Loan Forgiveness Portal has accepted one million applications in less than two months. This comes out to over $17 billion of relief money for more than one million of the smallest businesses in the U.S.

A Million Businesses Have Applied for PPP Loan Forgiveness with SBA Portal

When the loan for a small business that has received less than $150,000 is forgiven, it provides great financial relief. Not having to pay the loan back means they can start recovering and rebuilding their business much faster. The monthly loan payments can now go for other parts of their business operations. So, it is imperative for small businesses that meet this requirement to apply for the loan forgiveness. Because the SBA wants you to get this debt out of your books.

As SBA Administrator Isabella Casillas Guzman, said in the release, “I encourage those eligible PPP borrowers who have yet to apply to visit or contact their lender today.”

To further simplify the process, the number of Direct Forgiveness participating lenders now stands at 1,400 from the 600 when the portal opened. This will allow more businesses to ask the lenders directly from the SBAs Direct Forgiveness portal.

According to Guzman, the SBA has prioritized the streamlining of the application process so small business owners can have a better user experience. Furthermore, owners can apply on their PC or smartphone. And on average users can complete and submit their applications directly to the SBA in just six minutes. Once the application is in, Guzman says most applicants will receive their forgiveness decisions within a week from the date of submission.

Millions of Small Businesses Still Haven’t Applied

Over five million businesses with loans under $150,000 still haven’t submitted their 2021 PPP loan forgiveness applications. This is not the case for 2020 PPP applicants, as 91% of all loans eligible for direct forgiveness have been submitted.

If you meet all the requirements, please submit your application. And if you need further help or have questions you can call the PPP customer service team at (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. ET.

The sooner you apply, the sooner you can have the loan forgiven and be on your way to get your business back on its feet.

Image: Depositphotos

Most Popular

Former Vancouver mayor Kennedy Stewart’s campaign fails to pay bill to small business owner

Vancouver’s civic election ended months ago, but a small Burnaby business owner says former Vancouver mayor Kennedy Stewart’s Forward Together campaign has failed to...

Surveillance video captures suspected arson, explosion outside Nanaimo mechanic

A Nanaimo, B.C., business owner captured a concerning incident on camera recently. Surveillance footage of the lot of Pure Gold Automotive, located at Bastion Street...

North Okanagan groups mark World Water Day with beach cleanup

Wednesday is World Water Day, a day that brings awareness to water accessibility and conservation. As the spring weather settles in, Kal Beach in Coldstream,...

Creators implore Congress to ‘keep TikTok’ in rally outside the U.S. Capitol

The creator gathering in D.C. comes one day before TikTok CEO Shou Zi Chew is scheduled to testify in Congress about the app. NBC...