Paycheck Protection Program
The Small Business Administration recently announced the opening of a PPP direct forgiveness portal to streamline the forgiveness process for PPP borrowers with loans of $150,000 or less. Great Southern Bank has opted to participate in the Direct Forgiveness Portal. Borrowers can complete the forgiveness process at their leisure using a smartphone, tablet, or computer. The SBA estimates the forgiveness process can be completed in less than ten minutes. When you are ready to begin the forgiveness process, visit the SBA's website to register to use the portal. A Direct Forgiveness Portal User Guide is available on the website below the login box.
Should you need assistance during the registration or forgiveness process, the SBA customer service team is available by phone. They are available Monday-Friday, 8 a.m. - 8 p.m. EST, at 877-552-2692. For after-hours assistance, send a secure message to the SBA through the forgiveness portal's message center.
With the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), changes were made to the forgiveness process for PPP loans and might affect your forgiveness application.
- If you have applied for forgiveness before December 27, 2020, there is no other action needed, unless an equity owner of the Business is a Covered Individual, defined as a member of Congress, the President, Vice President, head of a US Executive Department, or a spouse of any of the preceding people. If this applies to your situation and you have previously applied for forgiveness, you will need to submit the PPP - Borrower's Disclosure of Certain Controlling Interests to us immediately.
Instructions and new forms are being shared via our online GSB Lending Portal. Here is some additional information:
- Forgiveness Interim Final Rule (IFR) [PDF 446 KB]
- PPP - Borrower's Disclosure of Certain Controlling Interests [PDF 290KB]