SBA forgives over millions of dollars in PPP loans

WASHINGTON.– The Federal Small Business Administration (SBA) today announced the pardon of the more than 1.1 million loans corresponding to the Payroll Protection Program (PPP), for a total of over $ 1 billion, giving these trades relief just three months after the period covered by the first round of lending culminated.

“Today’s news is a key indicator that the PPP is working for all small businesses in our country,” said SBA administrator Jovita Carranza. “For any small eligible company that continues to struggle with the coronavirus pandemic, the Program has reopened for new applicants and some existing ones, and we urge them to take advantage of the PPP to keep their employees on payroll, regardless of the economic constraints of its operations. The SBA continues to work 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 requests for forgiveness for approximately $ 170.5 billion. The SBA has disbursed payments on nearly 85% of requests, forgiving more than $ 100 billion. For smaller borrowers with loans of up to $ 50,000, 88% has been approved for forgiveness.

The new data comes at a time when the Payroll Protection Program reopened a second round as a result of the Small Business, Nonprofit and Headquarters Economic Aid Act, signed by outgoing President Donald Trump on December 27, 2020. The law has also added as eligible expenses all operating expenses, certain property damage expenses, vendor expenses and worker protection expenses, as areas of “drive through”, ventilation and sneeze protectors.

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