The Small Business Administration said Wednesday (May 6, 2021) that the Paycheck Protection Program (PPP) has run out of money to lend. As of last Sunday, the PPP had provided nearly 10.8 million loans worth more than $780 billion (since April of last year).
How important was the program to small businesses?
- More than half the loans and nearly a third of the loan money were distributed in 2021.
- The average loan size was $46,000 (less than half the $101,000 average loan in 2020. )
- Companies were drawn to the loans because they promised forgiveness if the money is used for payroll and other essentials.
Other SBA administered disaster loan programs | Click to find information regarding other SBA programs, including some designated for specific small business categories like restaurants and theaters..