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How many PPP loans have been approved?
Currently, the total PPP loans approved is reported at nearly 8.9 million on FederalPay.org. The average company had a total of 10 employees and the average loan amount is $83,156. A total of 4,318 lenders have disbursed PPP loan funds.
What can PPP loan funds be used for?
Roughly 25% of PPP loan funds were used for that purpose. Of the remaining 75% of funds, creditors who would not have been paid also became beneficiaries. Business owners could use loan proceeds to pay non-payroll expenses, including rent, utilities, and mortgage interest.
What is the Paycheck Protection Program (PPP)?
An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll.
What is PPP loan forgiveness?
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.