The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just three months since the earliest PPP borrowers’ covered periods ended, the agency has announced.
To date, the SBA has received 1,346,125 forgiveness applications for approximately $170.5 billion. SBA 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 percent have been approved for forgiveness.
The new data comes as the Paycheck Protection Program has recently re-opened as a result of the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, signed into law last month. The act 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 as well.
