New Paycheck Protection Information!

Ferrone & Associates CPAsBlog

The Paycheck Protection Program Extension Act passed overwhelmingly in the Senate, following a similar passage in the House. The PPP Extension Act will allow small businesses to continue applying for aid through the end of May and the SBA to process applications through June. The bill has been sent to President Biden for signing.

There is nearly $79 billion left to distribute in the PPP.

Additional information about the PPP can be found at the SBA’s website.

SBA data shows that through March 21, 2021, over 8 million loans have been approved under all PPP lending packages for a total of just under $719 billion.

For 2021 PPP lending, just over 3 million loans have been approved for close to $196 billion, with an average loan of $63,000. Of the total number of 2021 loans, 76% were for $50,000 or less and less than 1% were for $1 million or more.