The U.S. Small Business Administration has received more than 340,000 submissions to its Paycheck Protection Program forgiveness portal since launching the tool two weeks ago for borrowers with PPP loans of $150,000 or less.
The U.S. Small Business Administration will launch a portal next week that will let borrowers with Paycheck Protection Program loans of $150,000 or less apply for forgiveness directly through the SBA.
Between a lack of lending opportunities and challenges pushed into 2021 by pandemic emergency measures like PPP loans, banks and credit unions are staring at 2021 with wary eyes.
Small business owners who received Paycheck Protection Program loans for less than $50,000 will receive forgiveness even if they have reduced the number of employees, according to guidance released yesterday by the U.S. Small Business Administration.
With 118,000 Massachusetts small businesses, nonprofits and independent contractors receiving loans through the Paycheck Protection Program, lenders must now work on the forgiveness phase.
