PPP loans of $150,000 or less can now be forgiven directly through the SBA
Business owners who received Paycheck Protection Program (PPP) loans of $150,000 or less can now apply for forgiveness directly through the SBA, according to a new SBA announcement. The new streamlined application portal will simplify the forgiveness process for over 6.5 million small businesses — including many sole proprietorships — who used funds from the Paycheck Protection Program loans to survive the pandemic.
To apply for forgiveness, visit the SBA forgiveness portal or contact your ShindelRock tax professional.