The Small Business Administration’s (SBAs) PPP Loan Forgiveness Portal has accepted one million applications in less than two months. This comes out to over $17 billion of relief money for more than one million of the smallest businesses in the U.S.
A Million Businesses Have Applied for PPP Loan Forgiveness with SBA Portal
When the loan for a small business that has received less than $150,000 is forgiven, it provides great financial relief. Not having to pay the loan back means they can start recovering and rebuilding their business much faster. The monthly loan payments can now go for other parts of their business operations. So, it is imperative for small businesses that meet this requirement to apply for the loan forgiveness. Because the SBA wants you to get this debt out of your books.