SBA preparing new PPP loan forgiveness portal for small businesses

Small Business Administration

The U.S. Small Business Administration, a federal agency, is now offering low-interest, long-term loans to Ohio businesses and non-profits that are struggling financially because of the coronavirus crisis. (U.S. Small Business Administration)

The Small Business Administration could soon launch a new Paycheck Protection Program loan forgiveness portal that would allow at least some small-business owners to apply for forgiveness on an SBA platform instead of starting with their lender.

The portal could help small business owners deal with a non-responsive lender, said Erik Asgeirsson, president and CEO of the Association of International Certified Professional Accountants in an online Town Hall on July 8.

“The SBA is looking to launch their own portal,” Asgeirsson said. “It seems like they are going to have a direct forgiveness tool, and that’s what I would expect if the lender is no longer in existence — that would be a great option.”

Read the full story on cleveland.com’s sister site, Cleveland Business Journal.

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