SBA forgives more than $ 1 billion in PPP loans

WASHINGTON.- The Federal Small Business Administration (SBA) announced today that it is renouncing more than 1.1 million loans that match the Payroll Protection Program (PPP), for a total of more than $ 1 billion, relieving these companies just three months after the end of the first-round loan period.

“Today’s news is an important indicator that the PPP is working for all small businesses in our country,” said SBA administrator Jovita Carranza. “For every eligible small business that continues to struggle with the coronavirus pandemic, the program has reopened to new applicants and some existing ones, and we encourage them to use the PPP to keep their employees on the payroll regardless of their financial constraints . operations. The SBA continues to operate 24 hours a day to forgive existing PPP loans and implement the next phase of this vital program. “

To date, the SBA has received 1,346,125 pardon requests for approximately $ 170.5 billion. The SBA has disbursed payments for nearly 85% of the applications and has forgiven more than $ 100 billion. Of the smallest borrowers with loans up to $ 50,000, 88% are approved for forgiveness.

The new data is presented as the Payroll Protection Program reopened a second round as a result of the Economic Aid for Small Businesses, Nonprofits Organizations and Headquarters Act signed by outgoing President Donald Trump on May 27. December 2020. The law also added as eligible expenses all operating expenses, certain expenses for property damage, supplier expenses, and worker protection such as driving, ventilation and sneeze guards.

For more information on PPP payment and forgiveness statistics, as well as program reports, please visit the SBA website: www.sba.gov/ppp.