The Small Enterprise Administration stated Wednesday (Could 6, 2021) that the Paycheck Safety Program (PPP) has run out of cash to lend. As of final Sunday, the PPP had supplied practically 10.8 million loans price greater than $780 billion (since April of final yr).
How essential was this system to small companies?
- Greater than half the loans and practically a 3rd of the mortgage cash have been distributed in 2021.
- The common mortgage measurement was $46,000 (lower than half the $101,000 common mortgage in 2020. )
- Firms have been drawn to the loans as a result of they promised forgiveness if the cash is used for payroll and different necessities.
Different SBA administered catastrophe mortgage packages | Click on to search out data concerning different SBA packages, together with some designated for particular small enterprise classes like eating places and theaters..