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This week the Small Business Administration (SBA) announced that 340,000 businesses have used the Paycheck Protection Program (PPP) Direct Borrower Forgiveness Portal and that half had already been approved for full or partial forgiveness totaling more than $2.4 billion.
The site allows PPP borrowers with loans worth $150,000 or less to apply through the SBA rather than their lender to have them converted into grants. Congress allowed the loans to be forgiven if employers maintained payroll during the pandemic.
Borrowers interested in starting their applications can access the portal here.