Washington, January 12, 2021 (GLOBE NEWSWIRE) – The U.S. Small Business Administration has already canceled more than 1.1 million Paycheck Protection Program (P3) loans worth more than $ 100 billion, providing critical relief to small U.S. businesses just 3 months after the end of the periods covered by the first PPP borrowers.

“Today’s news is a key indicator that PPP is working for all small businesses in our country,” said SBA administrator Jovita Carranza. “For any qualifying small business that continues to struggle due to the coronavirus pandemic, the program has reopened for new and some existing PPP borrowers, and we encourage you to take advantage of the PPP to keep your employees on the payroll, however. whatever the local situation. economic restrictions on your operations. The SBA continues to work tirelessly to cancel existing PPP loans and implement the next phase of this vital program. “

The SBA has so far received 1,346,125 pardon applications worth approximately $ 170.5 billion. The SBA paid nearly 85% of the claims, forgiving more than $ 100 billion. For smaller borrowers with loans of up to $ 50,000, 88% have been approved for forgiveness.

The new data comes as the Paycheck Protection Program recently reopened in the wake of the Economic Aid to Small Businesses, Nonprofits, and Hard-Affected Sites Act promulgated by President Trump on December 27, 2020. The law added operational expenses. , certain property damage costs, supplier costs, and worker protection expenses, such as walkways, ventilation, and sneezing guards, are eligible expenses as well.

The SBA provides PPP forgiveness submission and payment metrics, as well as paycheck protection program reports, online at www.sba.gov/ppp.

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About the United States Small Business Administration

The Small Business Administration of the United States is making the American dream of becoming a business owner a reality. As the only resource and go-to voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow or grow their businesses, or recover from a declared situation. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.