The PPP is a $953 billion federal government loan program for small businesses.
Harvard revealed that PPP loans increased a company's chances of survival by 14% to 30%.
US SBA confirmed around 94% of PPP loans authorized in 2020 had been forgiven by December 2021.
Since the PPP's beginnings, fraudulent loan applications have also been a concern.
According to the SBA, 92% of all PPP loans have been asked for forgiveness.
As per the press statement from April 2022, PPP debts have been forgiven in full or in part in 88% of cases.
Borrowers with participating lenders can apply for forgiveness online through the SBA's PPP Direct Forgiveness Portal.
When the SBA reviews your loan, the SBA or your lender will notify you of the review and the outcome of the SBA loan review.
23% have yet to apply for loan forgiveness under the PPP as per the April-end report.
If debtors do not ask for forgiveness within 10 months after the end of term, their PPP loan payments will no longer be deferred.
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