Has SBA started funding PPP?
The SBA began processing an additional round of $310 billion in PPP funding Monday.
The SBA last week warned that larger companies may not qualify for PPP loans, and some larger companies have announced that they are returning the funds that they received through the PPP..
How long will PPP funds last?
Currently, lawmakers have planned PPP funding to last roughly eight weeks after a company’s loan is received.
Is SBA PPP out of money?
There’s about $130 billion left in the PPP pot. Why small businesses are slow to claim cash. It took less than two weeks for the Paycheck Protection Program to run out of funds when it first opened to small businesses on April 3.
Has PPP Loan been funded?
More than 5 million PPP loans — $525 billion in funding — were approved earlier this year. … The position at the Treasury and IRS has been that since forgiveness of the loan is tax-free, borrowers can’t deduct expenses.
What percentage of PPP loans get funded?
More than half of the money from the Treasury Department’s coronavirus emergency fund for small businesses went to just 5 percent of the recipients, according to data on more than 5 million loans that was released by the government Tuesday evening in response to a Freedom of Information Act request and lawsuit.
Is PPP money gone?
There was a mad dash for the first round of PPP money, which was $349 billion and was gone in 13 days. This second round, $310 billion, is going much more slowly and still has more than $140 billion left one month later. Business owners who wanted the money have, in large part, received it.
Will there be a 2nd round of PPP loans?
The loan amounts for a vast majority of borrowers will be almost identical to what the borrower received for their original PPP loan. This second round of funding, however, is capped at $2 million per borrower rather than $10 million under the initial round of PPP loans in the CARES Act.
How much of the PPP money is left?
As of 8/8/2020 the SBA has disbursed $525 billion of the $659 billion so far appropriated by Congress to this program, with $134 billion, or 20 percent of PPP funds remaining available to the program.
What are the new rules for PPP loan forgiveness?
Forgiveness for self-employed individuals You are eligible to claim 2.5 months’ worth of your 2019 net profit to replace pay. If you didn’t have any other payroll expenses factoring into your PPP loan amount, this means that your entire PPP loan could be forgiven for the 24-week period.