Coronavirus Business Relief Updates

St. Louis District Office  - January 13, 2020

u s small business administration

1.1 Million Paycheck Protection Program Loans Forgiven So Far Totaling Over $100 Billion

The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans totaling more than $100 billion, providing an extraordinary amount of critical relief to America’s small businesses in the three months since the earliest PPP borrowers’ covered periods ended. 

The SBA has so far received 1,346,125 forgiveness applications for approximately $170.5 billion. The agency has made payment on nearly 85% of the applications, forgiving over $100 billion. For the smallest borrowers with loans of up to $50,000, 88% have been approved for forgiveness.

The new data comes as the Paycheck Protection Program has recently re-opened as a result of the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, signed into law by President Trump on Dec. 27, 2020. The Act added operational expenditures, certain property damage costs, supplier costs and worker protection expenditures, such as drive-through areas, ventilation and sneeze guards, as eligible expenses.

The SBA provides PPP Forgiveness Submission & Payment Metrics, as well as Paycheck Protection Program reports, online at www.sba.gov/ppp.

webinar: pandemic relief options for small businesses

Don't Miss the Next Paycheck Protection Program Information Session!

Join the St. Louis District Office for an overview of the new Paycheck Protection Program (PPP) Wednesday, January 20 at 9:00 a.m. 

During this session, Lead Lender Relations Specialist Tom Daiber will:

  • Share the latest information on the recently-passed Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
  • Provide an overview of the changes to the new round of PPP funding and how you can get ready to apply.
  • Explain the difference between first and second draw loans; and
  • Discuss new forms and guidance.

After the presentation, there will be a brief Q&A session. Be sure to register early and download the Microsoft Teams app in advance to insure timely access to the webinar.

Register

Need Help Finding a PPP Lender? Try SBA Lender Match

Lender Match

Lender Match is a free online tool that connects small businesses with SBA-approved CDFIs and small lenders.

How does it work? It's simple. Just answer a few questions about your business and within a few days you'll receive an email with contact information for lenders who express interest in your loan. You can talk to lenders and compare rates, terms, fees and more. Click here to give it a try.

 

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