Question: How Much Of The PPP Money Is Left?

How many PPP loans have been processed?

More than 4 million loans have now been processed through the PPP.

This includes 2.5 million loans in the second round of funding, after the first $349 billion was exhausted in less than three weeks.

In the second round of funding, worth $320 billion, roughly 57% had been allocated, the SBA said..

Does the SBA still have PPP money?

Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

How can I get my PPP forgiven?

Use the following tips on how to make sure your PPP loan is forgiven to get started:Use it for eligible expenses.Keep your employee headcount up.Don’t reduce an employee’s wages by more than 25%Document everything.Talk with your lender.Apply for loan forgiveness.

When did PPP run out of money?

Mnuchin and SBA Administrator Jovita Carranza, lenders must make any PPP loans on or before the June 30 deadline. On Friday, June 5, President Donald Trump signed a bill that extended the eight weeks businesses have to use the funds to 24 weeks, or Dec. 31, whichever comes first.

What are the new PPP rules?

Highlights. A new Interim Final Rule (IFR) from the U.S. Small Business Administration (SBA) provides that certain owner-employees with less than a 5 percent ownership stake are not subject to the owner-employee compensation rule of the Paycheck Protection Program (PPP) limiting loan forgiveness for owner compensation.

What percentage of PPP loans get funded?

In the first round of PPP funding, loans of more than $2 million accounted for around 1.5% of total loans, but around one-quarter of the total pool of money. This time, those loans are 0.35% of all loans, but they account for just over 16% of the total pool of second-round money.

Can a SBA disaster loan be forgiven?

It is important to point out that SBA is not authorized by Congress to provide disaster grants or to forgive the repayment of disaster loans, once the loans have been made.

Are the PPP funds gone?

But as of last week, more than $130 billion remained in the program, The New York Times reported. That means money is still available for business owners through the end of this month, when the program’s applications end. And now it can be used for the rest of the year.

Has any PPP loans been funded?

After a rush to replenish the Paycheck Protection Program with $310 billion in funding, there’s more than $120 billion still left unallocated for small businesses. As of May 30, 4.4 million loans have been made in both rounds of the PPP program for a total loan value of $510.2 billion.

What happens if PPP loan is not forgiven?

You will have to repay any amount of the PPP loan that is not forgiven at a 1% interest over a 5 year term. Loan payments will be deferred for six months but will start incurring interest immediately. … Once you submit your application for forgiveness, the lender will have 60 days to accept or deny your application.

Where did PPP loans go?

About 14% of the million-dollar-plus loans went to the health care and social assistance sector. Among these borrowers, more than half of the loans went to outpatient-care establishments, which include offices of physicians, dentists and medical and diagnostic labs.

How much money is left in the paycheck protection program?

There’s about $130 billion left in the PPP pot. Why small businesses are slow to claim cash. It took less than two weeks for the Paycheck Protection Program to run out of funds when it first opened to small businesses on April 3.

Do you have to pay PPP loan back?

Yes. PPP loans (the full principal amount and any accrued interest) may be forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan. … Businesses have up to 24 weeks from the date you received the loan to spend the funds and be eligible for loan forgiveness.

Has anyone got PPP forgiveness?

Agency has yet to forgive any Paycheck Protection Program loans and has been slow to prevent theft, watchdogs tell Congress. … SBA announced last week that it had received only 96,000 loan applications — less than 2 percent of the total number of loans — and has not processed any applications so far.

Who is eligible for PPP loan forgiveness?

Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.

Are PPP loans forgivable?

PPP Loan Forgiveness. … Participants are eligible for loan forgiveness for the amounts spent on authorized expenses over 24 weeks after loan disbursement (or eight weeks if they choose). Total payments for payroll may be forgivable. Mortgage interest, rent and utilities are also forgivable, up to 40% of the PPP loan.

Can I get both Eidl and PPP?

The SBA has two loan programs to help small businesses impacted by COVID-19: Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Program (PPP). If your business is eligible, you can get both loans, using the funds simultaneously, as long as the use of funds are not the same.

Are PPP loans being processed?

PPP Loan Update The good news is nearly half—47%—of PPP loan applications have been approved as of May 4, 2020. That number is a significant increase from April 20, 2020 when only 18% of PPP loans were approved. On average, the loans were processed in 15 days.

Should I wait to apply for PPP forgiveness?

In general, experts currently recommend businesses wait to file for PPP forgiveness.

What was the average PPP loan amount?

* Overall average loan size is: $101K.

What’s the difference between SBA and PPP?

The loans are made available through the Small Business Administration (SBA) under the CARES Act. … EIDLs offer advances up to $10,000 that do not need to be repaid, while PPP loans provide small business loans equal to 2.5 times their average monthly payroll, up to $10 million.