Certain promotional products companies and other businesses that received a Paycheck Protection Program (PPP) loan of $150,000 or less could be in luck when it comes to loan forgiveness.

The U.S. Small Business Administration, which administers the PPP, is launching a streamlined application portal that will allow such loan recipients to apply for forgiveness of the payouts directly through the SBA. The new forgiveness platform will begin accepting applications from borrowers on August 4, 2021. 

Still, not everyone who received a loan of $150,000 or less will necessarily be able to benefit – at least not immediately.

Lenders are required to opt-in to the program through https://directforgiveness.sba.gov. So far, more than 600 banks have opted in to direct forgiveness, enabling more than 2.17 million borrowers of the small-sized loans to apply through the portal. That tally of borrowers represents 30% of loans of $150,000 or less that have not yet submitted for forgiveness.

More lenders may opt in, which could increase the number of loanees able to apply for forgiveness directly through the portal.

“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses – including many sole proprietors – who used funds from our Paycheck Protection Program loans to survive the pandemic,” said SBA Administrator Isabel Casillas Guzman.

Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.

Established by the CARES Act in 2020, the PPP was among the first COVID-19 small-business economic aid programs. It provided approximately $798 billion in economic relief to small businesses and nonprofits across the nation.