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Thursday, 29 July 2021 15:59

Paycheck Protection Program Direct Forgiveness Portal Now Open

Index

...processing forgiveness applications for small business owners.” 

 

Paycheck Protection Program Summary

 

Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to more than 8.5 million small businesses.

 

In 2021:

 

  • SBA approved more than 6.5 million loans totaling more than $275 billion
  • The average loan size was about $42,000 (compared to $101,000 in 2020)
  • 96% of loans went to businesses with fewer than 20 employees (compared to just 87% in 2020)
  • 32% of loans went to businesses in LMI communities (compared to just 24% in 2020)

 

Direct Forgiveness Summary

 

More than 600 banks have opted in to direct forgiveness, enabling more than 2.17 million borrowers to apply through the portal. This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness.

 

“As one of the leading PPP lenders in the nation, Customers Bank is proud to partner with SBA to deliver responsive digital loan forgiveness service to the small business borrowers,” said Sam Sidhu, president & CEO of the bank. “The streamlined and efficient SBA PPP loan forgiveness portal will help borrowers and lenders move forward with economic growth and job creation following the pandemic. We encourage other lenders to join Customers Bank and opt-in to the SBA portal.”

 

Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs and provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working and helping businesses come back stronger than ever. 

 

Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant and SBA Debt Relief program. To learn more about these programs, click here
  
Source: SBA

 

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