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HOME | COVID-19 | 1.1 Million Paycheck Protection Program Loans Forgiven So Far Total More Than $100 Billion
1.1 Million Paycheck Protection Program Loans Forgiven So Far Total More Than $100 Billion
According to the SBA, small borrowers make up vast majority of forgiveness applicants.
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The US Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for more than $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.
“[This] news is a key indicator that the PPP is working for all small businesses across our Nation,” says SBA Administrator Jovita Carranza.
Eligibility requirements have been expanded in this latest round of COVID-19 financial relief, which offers $284 billion in potentially forgivable loans.
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to.
By KIMBERLY PIERCEALL | The Virginian-Pilot | Published: January 18, 2021 NORFOLK, Va. (Tribune News Service) Business owners are getting another crack at $284 billion worth of potentially forgivable loans through the government’s revamped Paycheck Protection Program, aimed at keeping companies alive and employees on payrolls during the coronavirus pandemic. Business owners who got a loan last year and used those funds can get a second loan. This time, the loans cover more business expenses, are open to a wider range of businesses (including destination marketing groups, newsgathering operations and 501(c)(6) organizations like chambers of commerce) and come with the assurance that approved expenses paid for by the loan will be tax-deductible a quirk fixed last year.