The SBA notified the banks responsible for issuing government-backed loans and processing forgiveness applications that it is creating its own online platform.Instead of forcing borrowers to apply through banks to get their loans, the SBA forgiveness site will allow small borrowers to submit applications directly to it in a format that will take only a few minutes according to officials. Although lenders will have the final say on whether individual PPP loans are forgiven, the intention is to make the process easier for banks and reduce the time and effort they have to put into it.The SBA will also announce plans to save certain borrowers who have received second PPP loans in the amount of less than $150,000. They won't need to provide documentation that proves they had a 25% revenue loss in 2020 to be eligible for the aid. Lenders have been informed by the agency that they use a mixture of data sets in making their determinations. This includes information on foot traffic and credit cards charging.On Tuesday's webinar, Patrick Kelley, SBA Associate Administrator, made a personal appeal to lenders. He urged them to sign up for the SBA’s new forgiveness platform and "give it back to the government and get you your life back." The SBA will launch the site pilot-style on Wednesday, and make it live by Aug. 4.Kelley stated that everyone wants to see forgiveness for borrowers, lenders and government "by the fall across the board." "So this is the last push that will hopefully get PPP out of the rearview mirror for borrowers, lenders, and the agency."
