The Small Business Administration (SBA) PPP Direct Forgiveness program provides loans to small businesses to keep workers on the payroll and, if certain conditions are met, borrowers may be eligible for PPP loan forgiveness. SBA stopped accepting new PPP loan applications on May 31, but over 6.5 million PPP loans of $150,000 or less have not yet been forgiven
In an effort to make the forgiveness process streamlined for our members, True Sky Credit Union has chosen to opt-in to the SBA’s Direct Forgiveness Portal. Read below to learn when this portal will open and who will qualify to use it.
Who Can Apply: Paycheck Protection Borrowers (PPP) borrowers who received loans of$150,000 or less.
When Can I Apply: The portal will open on August 4th.Remember, borrowers can apply for forgiveness once all the money received through the loan has been used – anytime before the maturity date of the loan.
Support: Borrowers who choose to use the SBA PPP Direct Forgiveness Portal and need help or have questions can call the SBA PPP customer service team at (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.