Paycheck Protection Program forgives $1.1Million in loans so far – About Your Online Magazine

TUCSON, Arizona. (KOLD News 13) – 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 for America’s small businesses just 3 months since the end of the first coverage periods of PPP borrowers.

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“For any small eligible company that continues to struggle due to the coronavirus pandemic, the Program has been reopened for new and some existing PPP borrowers, and we encourage you to take advantage of PPP to keep your workers on the payroll, regardless of any economic restrictions on its operations, ”said SBA administrator Jovita Carranza. “The SBA is continually working to forgive existing PPP loans and to implement the next phase of this vital program.”

The SBA has so far received 1,346,125 requests for forgiveness for approximately $ 170.5 billion. The SBA made payments on almost 85% of orders, forgiving more than $ 100 billion. For smaller borrowers with loans of up to $ 50,000, 88% were approved for forgiveness.

RELATED: More Relief Coming for Small Businesses as the PPP Loan Opens for Round Two

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Paula Fonseca