The Small Business Administration has launched a new portal for direct loan forgiveness through the Paycheck Protection Program.
On Wednesday the SBA will begin accepting applications from borrowers.
Applications are open to businesses who borrowed up to $150,000 and have not submitted for forgiveness. The direct forgiveness portal is also available only through participating lenders.
The SBA said 600 banks have opted into direct forgiveness. The portal enables more than 2 million borrowers to apply.
The goal of the portal is to speed up the process and make it simpler for businesses and banks that provided the loans.
In 2021, the SBA said the average loan size was $42,000 which is down significantly from the $101,000 average loan size in 2020.
Click here to access the portal.