Last week, the SBA opened a portal that allows businesses to apply for forgiveness of PPP loans of $150,000 or less directly. Lenders must agree to use the portal, or this simplified option won’t work for the borrower. While about 900 lenders have so far signed on, the big banks are opting out. Some lenders prefer to stick with their own forgiveness processes because they don’t want to confuse borrowers. The SBA’s poor track record with technology and buggy portals is making other lenders cautious. However, some lenders are enthusiastic about the time they will be able to save by turning the process over to the SBA.
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