1.1 million PPP loans canceled so far, totaling over $ 100 billion
Small borrowers make up the vast majority of forgiveness seekers
January 13, 2021
The US Small Business Administration has already canceled more than 1.1 million Paycheck Protection Program (PPP) loans worth more than $ 100 billion, providing extraordinary relief to small American businesses just 3 months after the end of the periods covered by the first PPP borrowers.
“Today’s news is a key indicator that PPP is working for all small businesses in our country,” said SBA administrator Jovita Carranza. “For any eligible small business that continues to struggle due to the coronavirus pandemic, the program has reopened for new PPP borrowers and some existing ones, and we encourage you to take advantage of the PPP to keep your employees on the payroll, whatever whatever the local situation. economic restrictions on your operations. The SBA continues to work tirelessly to cancel existing PPP loans and implement the next phase of this vital program. “
The SBA has so far received 1,346,125 pardon applications worth approximately $ 170.5 billion. SBA made payment on nearly 85% of claims, forgiving more than $ 100 billion. For smaller borrowers with loans of up to $ 50,000, 88% have been approved for forgiveness.
The new data comes as the Paycheck Protection Program recently reopened in the wake of the Economic Aid to Small Businesses, Nonprofits, and Hard-Affected Sites Act promulgated by President Trump on December 27, 2020. The law added operational expenses. , certain property damage costs, supplier costs, and worker protection expenses, such as walkways, ventilation, and sneezing guards, are eligible expenses as well.
The SBA provides PPP forgiveness submission and payment metrics, as well as Paycheck Protection Program reports, online at www.sba.gov/ppp.
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