300 New Banks & Lenders Using the NEW SBA PPP Forgiveness Portal
SBA releases a new list of the banks & lenders that participating in the new SBA PPP Direct Forgiveness Portal. The new list shows almost 300 new banks that will participate in the new SBA PPP Direct Forgiveness Portal. This new PPP loan forgiveness application process will be easier and faster.
This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. are providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
More banks are now participating on the new SBA direct PPP forgiveness portal actually almost 300 more banks compared to last week have now entered, and said that they will participate on the new SBA PPP direct forgiveness portal meaning that you, if your bank is participating in this new SBA program you can apply for your PPP loan forgiveness now directly with the SBA and not through the lender or bank that gave you the PPP funds that’s what we’re going to talk about in this video. Hello from Freedom Tax Accounting. We’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. If you’re new to this channel we provide strategies for small business owners so they can achieve their financial goals. So, if that’s something that you’re interested in like and subscribe to our channel. Now this video is being recorded on August 3rd in 2021 we always emphasize the date on the recording on any PPP video because this program has been constantly changing okay.
Now if you have been following our channel you know that two weeks ago we said that the SBA was planning on launching a new portal that directly with SBA that you were able to now apply for your PPP loan forgiveness and that you did not have to apply for PPP forgiveness via the bank or lender that gave you the loan now last week the SBA did launch the portal page this is the page this is the login page for the new SBA PPP direct forgiveness portal we will provide a link to this page on the description of this video to you. So, you have access to it now in order for you to be able to use this portal your PPP loan has to has two requirements. First requirement is that your PPP loan must be $150,000 or less and that your bank or lender that gave you the PPP loan is participating with the SBA on this new portal. Why? Because not every bank or lender is participating on this new SBA direct forgiveness portal and these banks that are not participating with SBA, they have their own PPP forgiveness portal and you are going to have to apply through their portal okay.
Now last week the SBA released a list of 600 banks that were participating on this new program but last night they released a new list where an addition almost on this program. If you want to know how to find out or have access to this list, basically you go to the SBA home page okay. This is the SBA home page and you scroll down where it says “Paycheck protection program”, you click “Learn more”, then you scroll down where it says “PPP loan forgiveness learn more”, you scroll down and here it says “See list of lenders participating in direct forgiveness”. You go there. And here on this red button you download the list and this is the new list.
Now last week this list had 600 banks. See this new list has 887 banks; so that’s almost an additional on the PPP direct forgiveness portal. So, download this list to see if the bank or lender that gave you the PPP loan is on this list and if your PPP is $150,000 or less and your bank or lender is on that list then you may apply for forgiveness via the new SBA direct forgiveness portal okay.
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