First draw and second draw PPP debt forgiveness applications are currently being audited by SBA.

SBA is continuously auditing and looking into businesses that have already had loans exceeding $2 million forgiven.

Biden can announce forgiveness after Covid isolation ahead of the 31st August deadline.

Heartland had already been forgiven by the SBA for $195.8 million as of June 30, 2022.

The SBA paid almost 94% of the total loan value, or $742.6 billion.

That includes roughly 4.9 million of the slightly more than 5 million PPP loans in 2020.

Out of the 6.3 million PPP loans made in 2021, or around 5.3 million, almost 84% had already been forgiven.

The Small Business Assistance Fund Act, presented recently by Sen. Ben Cardin, would transfer the remaining cash from the SBA's Covid-19 relief programmes.

As PPP forgiveness continues, some lenders worry that a sizable portion may become delinquent.

Read More Stories

Curved Arrow

After all financing had been used, the SBA closed the $28.6 billion RRF on June 30, 2021.