October 12, 2021
Hot Topic Tuesday – 74% of Total PPP Loan Dollar Amount has Applied for Forgiveness
Since the Paycheck Protection Program’s starting date on April 3rd, 2020, the SBA has aided millions of small businesses affected by the COVID-19 pandemic and provided nearly $800 billion to USA’s Main Street. By the program’s final day on May 31, 2021, almost 11.5 million PPP loans were approved. PPP’s success can be attributed to the lenders across the country and their collaboration with the SBA.
It has been just over four months since the program finished, and around two-thirds (65%) of the total number of PPP loans have been forgiven. 7.49 million loans have been forgiven as of October 3rd, and the SBA has made payments on more than 7.2 million of the loans forgiven.
Almost three-quarters (74%) of the total dollar amount of PPP loans have been forgiven, equaling over $583.3 billion of the more than $792.7 billion in PPP loans. SBA has paid in excess of $561.2 billion in PPP forgiveness.
Here is the 2020 and 2021 PPP forgiveness data broken down:
2020 PPP Forgiveness
• There were 5,135,081 PPP loans for Round 1 PPP. This is more than $521 billion.
• 91% of 2020 PPP loans have submitted forgiveness applications (4,652,002 forgiveness applications). This is nearly $486 billion in 2020 PPP forgiveness applications, 93% of the total loan value of 2020 PPP loans.
• 89% of 2020 PPP loans have been fully or partially forgiven, and 91% of the total 2020 PPP loan value has been forgiven.
2021 PPP Forgiveness
• In 2021, the SBA lent over $271.2 billion in PPP loans. This funded 6,356,984 PPP loans in Round 2.
• There have been more than 2.8 million 2021 PPP loan forgiveness applications, 45% of the total 2021 PPP loan population. 36% of the total loan value of 2021 PPP loans have requested forgiveness (exceeding $97.6 billion).
• 41% of 2021 PPP loans have been fully or partially forgiven. Nearly $87.8 billion has been paid out by the SBA (32% of the total 2021 PPP loan value).