Question: How Many PPP Loans Have Been Approved?

When should I apply for PPP forgiveness?

A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loan—including before the end of the covered period—if the borrower has used all of the loan proceeds..

What documents are needed for PPP forgiveness?

For the payroll portion of your PPP loan, you will need to provide documents from your payroll provider and proof of paying employment taxes with IRS and state forms. Eligible payroll costs include salaries and wages, health benefits, and paid leave (i.e. vacation, parental, family, medical, or sick leave).

What are the requirements for PPP loan forgiveness?

Requirements include: Funds are allowed to be used for payroll costs, rent, utilities and interest on mortgages. At least 60% of loan must be used for payroll costs. While the loan is being used, employers must attempt in good faith to maintain similar levels of employment and pay that they had prior to the pandemic.

How do I calculate my PPP loan?

How PPP loans are calculated. PPP loans are calculated using the average monthly cost of the salaries of you and your employees. But if you’re a sole proprietor, your PPP loan will be calculated based on your business’ net profit. Your salary as an owner will be defined through the way your business is taxed.

How many PPP loans has SBA approved?

4.9 million PPP loansThis disclosure covers each of the 4.9 million PPP loans that have been made.

How long does it take to get a PPP loan approved?

Once an applicant is approved, the program requires that they receive the money within 10 days but that doesn’t always happen, Kassar says. While some approved small business owners have gotten the cash in two or three days, others waited up to two weeks or are still waiting.

What big companies received PPP?

BIGGEST PUBLICLY TRADED COMPANIES APPROVED FOR PPP LOANS (SO FAR)COMPANYLOAN AMOUNTMARKET CAPAutoNation$80M$3BShake Shack$10M$1.7BAccelerate Diagnostics, Inc.$4.7M$564MDMC Global$6.7M$405M55 more rows•Apr 23, 2020

Is PPP still available today?

Notice: Paycheck Protection Program closed August 8, 2020 Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

How do I know if my PPP loan is approved?

Once logged in to the portal, you can access Lendio’s live chat option to ask about your application status. You can also call Lendio directly at: (855) 853-6346. Note that this option for checking your loan application status is only available if you submitted your PPP loan request through SBA.com.

What was the average PPP loan amount?

approximately $107,000Overall average loan size is approximately $107,000.

Who qualifies for PPP forgiveness?

You must maintain at least 75% of total salary. If the employee’s pay over the 24 weeks is less than 75% of the pay they received during the most recent quarter in which they were employed, the eligible amount for forgiveness will be reduced by the difference between their current pay and 75% of the original pay.

What percentage of PPP is approved?

The average approved under the now maxed out Paycheck Protection Program (PPP) was $206,000, and 74% of loan amounts were under $150,000. That’s according to the Small Business Administration and the U.S. Treasury Department.

Are PPP loans still available?

Notice: Paycheck Protection Program closed August 8, 2020 Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

What happens after my PPP loan is approved?

Use the PPP loan proceeds for covered expenses and retain documentation supporting each component of covered expenses. … The lender will determine the amount of loan forgiveness, and they are required to issue loan forgiveness within 60 days of receiving the application.

How long does it take for the PPP loan?

The lender must make a one-time, full disbursement of the PPP loan within ten calendar days of approval. This is important because the eight week period of time for which certain expenses are eligible to be forgiven begins on the date the loan is received.

Where did PPP loans go?

Among these borrowers, more than half of the loans went to outpatient-care establishments, which include offices of physicians, dentists and medical and diagnostic labs. Hospitals were approved for 10% of the loans, with the majority getting $2 million or more.

How much are banks making of PPP loans?

The fees banks earn depend on the size of the loans they make: 5% for loans less than $350,000; 3% for loans between $350,000 and $2 million; and 1% for loans north of $2 million. If the SBA later determines a borrower was ineligible for a PPP loan, it can claw back the processing fee from the lender.

How many PPP loans are approved?

The U.S. Small Business Administration (SBA) says that nearly 5,000 lenders have approved 1.6 million loans totaling $342.2 billion under the agency’s Paycheck Protection Program.