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The Paycheck Protection Program (PPP) was created by the U.S. Small Business Association (SBA) during the COVID-19 pandemic to help small businesses and nonprofits in the U.S. via potentially forgivable, government-backed loans.Originally part of the CARES Act in March 2020, the PPP was authorized to distribute over $600 billion in loans to small businesses and eligible self-employed individuals impacted by COVID-19.This initial program closed applications in August 2020. Then in December 2020, Congress passed the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA). The CRRSAA approved additional funding for loans while adjusting criteria for eligibility based on first-time and second-time loans.PPP loans are backed by the SBA but issued by approved private lenders and credit unions.The PPP stopped taking loan applications on May 31, 2021.
The intent of the PPP was to help U.S. small businesses remain operational through COVID-19-related business interruptions while also keeping their employees working and employed. As one of the conditions for loan forgiveness, businesses were required to spend at least 60% of the PPP loan amount on payroll.PPP loans were available during two application periods.
Launched April 2020
$349 billion awarded
Launched January 2021
$285 billion awarded
PPP closed permanently to loan applicants on May 31, 2021.
While PPP loans offered the potential for loan forgiveness, small businesses seeking loan forgiveness needed to meet and document all eligibility requirements. Businesses seeking PPP loan forgiveness were required to apply no later than 10 months following the last day of their covered period. Get details about applying for PPP loan forgiveness
IMPACT: Across all 50 states, an estimated 72-96% of small business payrolls were covered by PPP loans (source: SBA)
Since 2020, the federal government has approved nearly $800 billion in funding for companies in all 50 states, plus Puerto Rico, the Virgin Islands, American Samoa, Guam, and the Northern Mariana Islands territories.With over 1.2 million loans, California had the most loans approved for the PPP, followed by Florida, Texas, New York, and Illinois. The Small Business Administration has disclosed over 11.5 million loans through the PPP. Check the table below for PPP loans approved by state discoursed by SBA.
The PPP closed PPP loan applications in May 2021 and is unlikely to be refunded in 2022 or beyond. Existing borrowers may still be eligible for loan forgiveness. However, there are other small business loan options available.
The COVID-19 Economic Injury Disaster Loan (EIDL) program provides financing for small businesses economically impacted by COVID-19. COVID EIDL loans can be used for normal operating expenses and working capital. Unlike PPP loans, EIDL loans are not forgivable and must be repaid.As of January 1, 2022, the SBA stopped accepting applications for new COVID EIDL loans or advances. However, the SBA still offers other funding options, including traditional SBA loans.
The SBA 7(a) Loan Program is the SBA’s most common loan program. It provides loans for small businesses with special requirements such as:
Calculate estimated monthly payments for an SBA loan here.
If you’ve already borrowed a PPP loan, you may still be eligible for loan forgiveness. You must apply for loan forgiveness within 10 months of the last day of the covered period (which typically lasts 2 years).
Borrowers who apply within this period are eligible for forgiveness if:
In support of the PPP, Lendio quickly transformed its operations to help small businesses with PPP funding, adding more than 500 new team members to support the effort.
Lendio’s involvement in PPP:
While the PPP loan program has officially stopped accepting loan applications, information and financial documents used during the application process may also help small businesses seeking funding for bounce-back initiatives and to fuel growth today.
See your current financing options.
The Paycheck Protection program ended on May 31, 2021. For additional non-PPP loan options, explore our Loan Types section and find the solution that fits your business.
Yes and no. PPP loans can be fully forgiven, but businesses must apply for loan forgiveness within 24 weeks of receiving the loan. If they do not apply (or spend the funds on non-eligible business activities), they will need to repay the full loan amount.
Any small business with 500 or fewer employees may be eligible, including sole proprietors, independent contractors, and self-employed individuals. Businesses must be operational before February 15, 2020, and, if applying for a second-draw loan, have used up the previous loan funds and demonstrated a 25% or greater reduction in gross revenue.
No. Applications closed on May 31, 2021, and Congress is unlikely to pass another round of PPP funding this year.
Unfortunately no. Because eligibility for the program ended in May of 2021, no new applications can be submitted for a PPP loan in 2023.
First-time borrowers could request a maximum amount of 2.5 times the average monthly 2019 payroll (including insurance costs).
Second-draw borrowers could request a maximum loan of 2.5 times the average monthly payroll costs (for 2019 or 2020) up to $2 million.
The SBA also provided a breakdown for calculating loans based on business type.
The deadlines for PPP loan forgiveness are based on when the business applied for the loan and when it received the funds. A borrower can apply for forgiveness after all the loan proceeds have been used on eligible expenditures.
PPP loans have a maturity date of 8 to 24 weeks. The deadline for the forgiveness application is 10 months after the last day of the covered period.
If the borrower does not apply for forgiveness within the deadline, PPP loan payments will no longer be deferred, and the borrower must begin making payments to the PPP lender.
No. A PPP loan is not considered taxable income. However, the IRS does warn that improperly forgiven loans (based on omissions or misrepresentations in the application) are taxable and should be included as reported income.