Forgiveness of loans begins
The U.S. Small Business Administration will launch an application portal for borrowers with Paycheck Protection Program loans of up to $150,000 to apply for forgiveness directly.
In 2020, 32% of loans from the SBA and its lenders went to businesses in low- or moderate-income communities, with 96% of loans going to businesses with fewer than 20 employees.
Nearly 867 lenders from Region VII, which encompasses Iowa, Kansas, Missouri, and Nebraska, have already signed up to resolve 216,938 PPP loans totaling over 4.6 billion dollars according to Region VII Acting Administrator Leon Milobar. 6.5 million small businesses across the nation could receive relief.
More than 600 banks have opted into the program.
The program will begin accepting applications Aug. 4. The SBA is standing up a PPP customer service team to directly assist borrowers with applications as well as a help line at (877) 552-2692 available from 8 a.m. to 8 p.m. Monday through Friday.