1.1 Million Paycheck Protection Program Loans Forgiven So Far Totaling Over $100 Billion, Release Number 21-06
Summary
SBA Release 21-06, dated January 12, 2021, says the agency has forgiven more than 1.1 million Paycheck Protection Program loans for over $100 billion, three months after the earliest borrowers' covered periods ended. SBA reports 1,346,125 forgiveness applications for approximately $170.5 billion and says it has made payment on nearly 85% of them. For borrowers with loans up to $50,000, the release says 88% have been approved for forgiveness. Administrator Jovita Carranza is quoted calling the figures "a key indicator that the PPP is working for all small businesses." The release adds that the December 27, 2020 Act added operational expenditures, certain property damage costs and supplier costs as eligible expenses.
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NEWS RELEASE
PRESS OFFICE
Release Date: January 12, 2021 Contact: press_office@sba.gov, www.sba.gov/news
Release Number: 21-06 Follow us on Twitter, Facebook, Blogs & Instagram
1.1 Million Paycheck Protection Program Loans Forgiven So Far
Totaling Over $100 Billion
Small borrowers make up vast majority of forgiveness applicants
WASHINGTON – The U.S. Small Business Administration has already forgiven more than 1.1 million
Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of
critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered
periods ended.
“Today’s news is a key indicator that the PPP is working for all small businesses across our Nation,”
said SBA Administrator Jovita Carranza. “For any eligible small business continuing to struggle due to
the coronavirus pandemic, the Program has re-opened for new and certain existing PPP borrowers,
and we encourage you to take advantage of the PPP to keep your workers on payroll, regardless of
any local economic restrictions on your operations. SBA is continuing to work around the clock to
forgive existing PPP loans and implement the next phase of this vital Program.”
The SBA has so far received 1,346,125 forgiveness applications for approximately $170.5 billion. SBA
has made payment on nearly 85% of the applications, forgiving over $100 billion. For the smallest
borrowers with loans 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 as well.
The SBA provides PPP Forgiveness Submission & Payment Metrics, as well as Paycheck Protection
Program reports, online at www.sba.gov/ppp.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As
the only go-to resource and voice for small businesses backed by the strength of the federal
government, the SBA empowers entrepreneurs and small business owners with the resources and
support they need to start, grow or expand their businesses, or recover from a declared disaster. It
delivers services through an extensive network of SBA field offices and partnerships with public and
private organizations. To learn more, visit www.sba.gov.
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