Lenders can begin submitting applications for Paycheck Protection Program loan forgiveness Aug. 10.
The Small Business Administration, which oversees the Covid-19 relief program, announced the update Thursday in a document outlining procedures for the loan forgiveness process.
The notice confirmed the agency would open a portal specific to loan forgiveness. The SBA said it is working with financial services technology provider Goldschmitt-CRI, a firm based near Washington, D.C., to provide the platform. Only lenders will have access to the portal, the notice says.
PPP lenders can use the platform to submit data and documentation, monitor the status of forgiveness requests and interact with the SBA in case of an inquiry or a loan review.
