What percent of small businesses got PPP?

In most sectors, about 70 percent of small businesses received a PPP loan (figure 3).

Will small PPP loans be automatically forgiven?

The loans are designed to be forgiven, but it’s not automatic. Recipients can keep the money if they demonstrate that they used it for certain purposes and largely refrained from cutting jobs and pay.

Is the government forgiving SBA loans?

“The vast majority of businesses waiting for forgiveness have loans under $150,000. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program through https://directforgiveness.sba.gov.

What was the largest PPP loan?

Loans over $1.5 million made up over 25\% of the total amount given out. $1.5 million. Note: The largest possible amount a business can be loaned via the Paycheck Protection Program is $10 million.

How many SBA PPP loans have been approved?

5.6 million PPP loans
The SBA reported Monday that it had approved more than 5.6 million PPP loans totaling more than $258 billion from the program’s reopening on Jan. 11 through May 2. First-draw PPP loans accounted for $57.3 billion, and second-draw loans totaled nearly $201 billion.

Are PPP funds still available today?

PPP Money – Nearly All Gone: Only $8 billion remains available. Source: CBS News, April 6, 2021.

Has anyone been forgiven for PPP?

The PPP provided more than 11.7 million forgivable loans totaling nearly $800 billion to small businesses and other eligible entities hurt by the economic impacts of the COVID-19 pandemic. Almost $400 billion has been forgiven.

Will there be enough PPP money?

Those include more funding, letting small businesses get second loans and making the new loan calculation formula retroactive for sole proprietors. By his estimation, somewhere between $100 billion and $150 billion would probably be enough funding for the PPP make it to May 31 with some money left over.