SBA Paycheck Protection Program Direct Forgiveness Portal
The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
This new change will help rush relief to over 6.5 million smallest of small businesses which has been the Administrator’s priority since day one. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program through https://directforgiveness.sba.gov. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.
COVID-19 Economic Injury Disaster Loan
The U.S. Small Business Administration (SBA) offers disaster assistance through low-interest loans to businesses affected by COVID-19 through the Economic Injury Disaster Loan (EIDL). Since launching the program, the SBA has experienced a large volume of applications.
The SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing those applications on a first-come, first-served basis. On June 15, SBA began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.
Economic Injury Disaster Loan
- EIDL terms can be up to 30 years at 3.75 percent
- The program still includes the opportunity to get an advance; equal to $1,000 per employee of the business up to a maximum of $10,000.
- Loan amounts could be capped at $2,000,000
Additional SBA COVID-19 Relief Programs and Resources
Other programs include Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program.
Contact the Flint & Genesee Economic Alliance
If you need assistance, please contact the Flint & Genesee Economic Alliance team.
The Michigan Small Business Development Center also has information on how to get prepared to apply and how to navigate supporting your loan. The MI-SBDC also hosts COVID-19 Small Business Support Webinars. Visit MI-SBDC for more information.
There will be no physical “hubs” as typical in disaster relief efforts; businesses should work directly with their local SBDC in whatever capacity set up by that office.