Totaling Over $ 100 Billion
SAN JUAN – The Small Business Administration said Wednesday it has forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for more than $ 100 billion in relief to businesses three months since the earliest borrowers’ covered periods ended.
The SBA has so far received 1,346,125 forgiveness applications for approximately $ 170.5 billion. The agency has made payment on nearly 85 percent of the applications, forgiving over $ 100 billion. For the smallest borrowers with loans up to $ 50,000, 88% have been approved for forgiveness, according to the news release.
The new data come as the PPP has recently re-opened as a result of the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act. The law added operational expenditures, certain property damage costs, supplier costs and worker protection expenditures, such as drive-through areas, ventilation and sneeze guards, as eligible expenses.
“For any eligible small business continuing to struggle due to the coronavirus pandemic, the Program has re-opened for new and certain existing PPP borrowers, and we encourage you to take advantage of the PPP to keep your workers on payroll, regardless of any local economic restrictions on your operations. SBA is continuing to work around the clock to forgive existing PPP loans and implement the next phase of this vital Program, ”said SBA Administrator Jovita Carranza.
The SBA provides PPP Forgiveness Submission & Payment Metrics, as well as Paycheck Protection Program reports, online at www.sba.gov/ppp.