PPP made around $ 800 billion in forgivable loans received by more than 8.5 million American small business owners, those who are affected by coronavirus.

Payment Protection Program (PPP)

To qualify for full loan forgiveness: ·>> At least 60% of the proceeds are spent on payroll costs. ·>> Others may be spent on business expenses. ·>> Employee and compensation levels have to be maintained.

According to SBA it says If you have got a PPP loan, you can apply for forgiveness once all the money that you received has been spent or used.

If you are a PPP borrower, you are allowed to apply for exemption at any time until the date of their loan maturity.

SBA loans are more flexible and have conditions for longer repayment than regular business loans or traditional loans, which are more affordable.

SBA loans are guaranteed or backed by a part of SBA where Loan amounts of up to $5 million with terms of up to 25 years.

Businesses must have minimum two years of business history to qualify for an SBA or business term loan and must have a minimum score of 650 for an SBA 7(a) loan.

If you have never received a PPP loan and are wondering if there will be any other PPP loan for 2022, it seems very doubtful and officially PPP ended on May 31, 2021.