The Small Business Administration (SBA) Wednesday announced it was making changes to its Paycheck Protection Program (PPP) loan forgiveness application process. 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.”
It also requires all lenders to process forgiveness applications though the SBA’s PPP forgiveness portal regardless of prior internal approval processes.
“To facilitate this transition, SBA will automatically enroll all Lenders not currently participating in the direct forgiveness platform,” wrote the SBA.
It specified that all existing program requirements remain, and this change does not alter forgiveness criteria.
America’s Credit Unions will continue keeping credit unions informed on the latest out of Washington.
