Update: 10.5 Million PPP Loans Were Forgiven. Here's Why — Pandemic Oversight Data Story
Summary
Pandemic Oversight data story headed "Update: 10.5 million PPP loans were forgiven. Here's why." It says the page includes totals from multiple PPP data releases including the most recent, October 2, 2022 numbers, and carries the note that the content is archived and no longer being updated, dated 11/18/2021. It says that borrowers who use at least 60% of the loan to cover payroll within 8 or 24 weeks after receiving the loan can submit an application to have the loan forgiven, and that the data show approximately 97% of PPP loans were used for payrolls. The amount forgiven can be greater than the original loan because the interest on the loan has also been forgiven. The page was last modified 02/13/2025.
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“Update: 10.5 Million PPP Loans Were Forgiven. Here's Why — Pandemic Oversight Data Story.”
Original at www.pandemicoversight.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/pandemic-oversight-data-story-how-many-ppp-loans-have-been-forgiven-85d19015c6/
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<Data Story> Update: 10.5 million PPP loans were forgiven. Here's why. The information on this page is updated to include totals from multiple PPP data releases including the most recent, October 2, 2022 numbers. Archived Page: The content and data on this page are no longer being updated. 11/18/2021 How do borrowers qualify for loan forgiveness? If borrowers use at least 60% of the loan to cover payroll within 8 or 24 weeks after receiving the loan, they can submit an application to have the loan forgiven. Our data shows that approximately 97% of PPP loans were used for payrolls. If you search for individual borrowers on the Paycheck Protection Program (PPP) Interactive Dashboard you may notice that for some, the amount that's been forgiven is greater than the original loan. The reason for this is that the interest on the loan has also been forgiven, which means the total dollar amount forgiven is actually higher than the original loan. You'll find a breakdown of loans forgiven in the table below, including the average amount forgiven. PPP loans forgiven The referenced media source is missing and needs to be re-embedded. Image Click on the infographic above to view as a PDF. Page last modified: 02/13/2025
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