5 Cases NOT To Use The SBA PPP Direct Forgiveness Portal
The SBA launched a NEW PPP Direct Forgiveness Portal, but there are some cases where you do not use the SBA PPP Loan Forgiveness Portal to apply for your PPP loan forgiveness. If you cannot apply for your PPP loan forgiveness via the SBA portal then you have to apply for your PPP loan forgiveness via the bank or lender that gave you the PPP loan funds.
SBA PPP DIRECT FORGIVENESS PORTAL
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.
The SBA launches its own PPP direct forgiveness portal where now you can apply for your PPP loan forgiveness directly with the SBA and you do not have to apply for your PPP loan forgiveness through your bank or lender that gave you the PPP funds. But there are five cases where you do not use the SBA PPP forgiveness portal and you do have to apply for your PPP forgiveness via your bank or lender. That’s what we’re going to talk about in this video. Hello from Freedom Tax Accounting or 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 you like subscribe to our channel now this video is being recorded on August 4th, 2021. We always emphasize the recording on any video related to the PPP loan program because this program has been constantly changing okay.
Now if you did not know last week the SBA launched their own PPP direct forgiveness portal, we are going to put a link to this website on the description of this video so you have access to it this means that you do not have to apply for your PPP loan forgiveness with the bank or lender that gave you the loan but and that you can apply for PPP forgiveness directly with the SBA. Now, this portal just opened up today so you may register to use this portal and start your PPP loan application forgiveness process with the SBA starting today August 4th.
Now there are five cases where you do not use the new SBA PPP direct forgiveness portal and that’s what we’re going to discuss in this video okay.
So, the first case is that your PPP loan is over a hundred and fifty thousand dollars this new SBA portal would only accept PPP loan forgiveness applications if your PPP loan is a hundred and fifty thousand dollars or less if it’s over then you have to apply for forgiveness via your bank or lender okay now the second case is if your bank or lender are not participating in this new SBA portal because in order for you to apply through the SBA portal your bank needs to opt-in to the program and not every bank is opting into this a new SBA portal.
Now if you do not know how to find out if your bank is participating in this new SBA portal you basically go let me show you go to the SBA website homepage, you click on PPP then you go to PPP loan forgiveness and you scroll down and here see where it says the list of lenders participating in direct forgiveness. You download the list here and you can check if your bank is participating in the new portal okay. But if your bank is not participating in the new SBA portal then you have to apply for PPP forgiveness via your bank or lender.
The third case that you do not use the new PPP forgiveness portal directly with the SBA is that you do not agree with the data as provided by the SBA system of record. You are going to have to confirm that the information that the SBA has on your business is correct, and there may be some cases where the information that the SBA has is either outdated or incorrect. For example, let’s say that when you apply for your PPP loan there were certain owners of your business. Maybe from that time to now, the owners have changed. So, if the SBA does not have that updated information, then you have to apply through your bank or lender with the updated information okay.
Now the fourth case where you do not use the SBA direct forgiveness portal is that the SBA cannot validate your identity. Apparently, when you apply through the portal, you have to go through an identification protocol. Now if the SBA cannot identify your identity through their platform, then you have to apply for your PPP forgiveness via your bank or lender.
Now the fifth case that you do not use the SBA PPP direct forgiveness portal is basically that you submit your PPP loan application for uh forgiveness via the SBA portal but the SBA for some reason rejects your submission. So, if you do and apply for forgiveness via the SBA portal and the SBA rejects it then you do have to go through your bank or lender.
So, if those are the five cases where you would then have to apply for PPP forgiveness via your bank or lender.
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