List of Banks / Lenders That Will Use the NEW SBA PPP Direct Forgiveness Portal
The SBA has released a list of banks and lenders that will be participating in the new SBA PPP Direct Forgiveness Portal. This new PPP Forgiveness Portal from the SBA will make the PPP Loan Forgiveness Application process a lot easier and faster than if you had to apply for your PPP loan forgiveness via the bank that gave your business the PPP loan.
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You will now be able to apply for PPP forgiveness directly with the SBA and you don’t have to apply via the bank that gave you the PPP loan. Now in order for you to do that the bank that gave you or your business the PPP loan must participate in the new SBA PPP direct forgiveness portal. If your bank is not participating in this new SBA portal, then you will have to apply for your PPP forgiveness via the bank.
Now how do you know or how can you find out if your bank is participating in the new SBA PPP forgiveness portal where you can apply for PPP forgiveness directly with the SBA? 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 although, for the last couple of months, we have been concentrating on providing information regarding the EIDL and PPP SBA programs. Now, this video is being recorded on July 29th, 2021 and we always emphasize the date on the recording on any video relating to the PPP because this program is constantly changing. So, there may be things we discussed in this video that can change as soon as tomorrow. So, that’s the importance of subscribing to our channel that way you’re always up to date with the most current and correct information relating to these SBA programs.
Now if you have been following our channel since last week, we have been saying that the SBA was going to launch a PPP forgiveness portal via the SBA website where now you can apply for your PPP loan forgiveness directly with the SBA and you don’t have to go through the PPP forgiveness process via the bank that gave you the PPP loan.
Now yesterday the SBA launched the portal. So, let me show it to you. This is the SBA direct portal for PPP forgiveness. I am going to provide a link to this website in the description of this video so that you can access this portal directly. Now as of today- you still cannot use the portal the SBA is going to open this portal on August 4th okay. So, we still have to wait another week in order to use this new SBA PPP direct forgiveness portal.
Now in order for you to be able to apply for PPP forgiveness directly with the SBA, your PPP loan must be $150,000 or less and the bank that gave you the PPP loan must participate in this new SBA forgiveness portal. Now since we launched this news last week, one of the most common questions we get here at freedom tax is how do I know if my bank is going to participate in the PPP direct forgiveness portal. Well, we feel that the banks are going to reach out to you either by email. I don’t think they’re going to call you, but definitely, they’re going to reach out by email letting you know that they are going to participate in this portal. But there is an easier way and we’re going to show it to you because the SBA today just launched a list of all the banks of all the lenders that are participating in the direct PPP forgiveness portal. I am going to provide a link to this website in the description of this video, so you can download the list.
If you when you click this link to download the list of the banks this is what you see:
These are all the banks that will be participating in the new PPP forgiveness portal directly with the SBA. So, basically, you can download the list and see if the bank that gave you the PPP is in this list.
Now how do you find out what’s the bank that gave you the PPP loan? For that, you need to take a look at your SBA PPP note you should have if you received a PPP loan you should have access to this document because you had to sign this document in order to get the PPP loan. So, look for your SBA note for the PPP loan and there is a table at the top where it has your loan number, your loan name, the loan amount, and here where it says lender this is the bank or lender that gave you the PPP loan fund so look for your SBA PPP note. And here it says lender whatever bank or lender name appears here that’s who you know who has your what bank or lender gave you your PPP loan okay. So, look for this name and then go to this list and see if it’s there.
Now I went over this list briefly and I don’t see Bank of America, I don’t see Chase, I don’t see Wells Fargo and I don’t see Cabbage. So, the big banks I think that they are not participating in this direct SBA PPP forgiveness portal. And I think I know why because when news came out that the SBA was going to launch their own forgiveness portal the big banks were kind of mad because the big banks spent millions of dollars in developing their own PPP forgiveness portal and now the SBA says that they’re going to launch their own portal with the SBA so a lot of the big banks are saying we already spent this amount of money developing our own portal. So, if you got a PPP loan through us then you have to apply through our portal okay. I think that’s the reason why the big banks are not participating in the new SBA direct forgiveness portal.
Now on the other hand a lot of people applied via Womply. And I don’t know the names of all the banks that Womply used because remember Wompley is not a bank. The company is a software provider that found you a bank to give you your PPP loan but from the PPP loans that we did with Womply, I do see most of the banks here I knew I do know that most of the people who applied through Womply harvest small business finance Bentworth was a big one, Fountainhead, Celtic Bank. So, I’m pretty positive that if you applied for the PPP through Womply most probably you’re going to have to. You may now use the new SBA PPP forgiveness portal to apply for your PPP forgiveness. So, once again look for your SBA note for your PPP loan. Go down to where it says, lender. The name that appears here that’s how you know who gave you the PPP loan. Then go to this website where I am providing a link to this website on the description of this video you download the list. This is what you download. There are 600 banks and so check if the bank that gave you the loan is right here. If it’s in this list, then you will be able to apply for PPP forgiveness via the new PPP direct forgiveness portal with the SBA.
Now, remember this is not open yet. This will apparently open on August 4th, that’s Thursday of next week and your PPP loan must be $150,000 or less okay. Now I want to clarify because I see this question a lot on our website and people are asking if the EIDL loan can be forgiven, and the answer is no. Remember the PPP loan and the EIDL loan are two separate programs. The PPP loan has forgiveness. The EIDL loan does not have forgiveness okay.
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