Quick Answer: How Many PPP Loans Are Funded?

Is there a deadline to apply for PPP loan forgiveness?

The minimum term for PPP loans is raised to five years for all loans made on or after June 5.

The proportion of PPP funding that must be used on payroll costs to qualify for full forgiveness drops to 60% from 75%.

The application deadline for PPP loans remains June 30..

Are the PPP loans being funded?

In early May 2020, Congress provided an additional $320 billion in funding for PPP loans. All loan terms will be the same for everyone receiving PPP loans, no matter which lender they use and no matter how large or small the loan.

Are PPP funds still available?

Notice: Paycheck Protection Program closed August 8, 2020 Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

How long does it take SBA to approve PPP?

approximately 10 daysThe PPP process takes approximately 10 days to complete. Do I need to reapply for the EIDL/EIDL Advance? If your application confirmation number begins with a “3” you do not need to reapply.

Can you get the PPP loan twice?

Yes! There is no risk in applying with more than one lender. According to our lending partners, the SBA’s system will accept the first valid application that arrives, and automatically rejects subsequent ones. … The lender is able to send you closing documents and use the PLP to complete the loan process.

Is SBA processing PPP loans?

As set forth in the initial PPP Interim Final Rule, SBA will pay Lenders fees for processing PPP loans in the following amounts: 5 percent for loans of not more than $350,000; • 3 percent for loans of more than $350,000 and less than $2,000,000; and • 1 percent for loans of at least $2,000,000.

Can I get more money from PPP?

If your business has partners whose compensation wasn’t accounted for in your payroll estimate when applying for the PPP, you may be eligible for more funds.

Can small businesses get a second PPP loan?

Certain small-business owners may be able to apply for a second Paycheck Protection Program loan if a new bill introduced on June 18 becomes law. …

How quickly will PPP loans be funded?

The lender must make a one-time, full disbursement of the PPP loan within ten calendar days of approval. This is important because the eight week period of time for which certain expenses are eligible to be forgiven begins on the date the loan is received.

Is there another PPP coming?

There may be a second PPP round Recently, Senate Majority Leader Mitch McConnell said that a new stimulus package is in the works that will include a targeted second round of PPP loans for those small businesses that need them the most.

What happens if PPP loan is not forgiven?

What if my loan isn’t forgiven in full? You will have to repay any amount of the PPP loan that is not forgiven at a 1% interest over a 5 year term. Loan payments will be deferred for six months but will start incurring interest immediately. PPP loans have no fees and no prepayment penalties.

What banks are still accepting PPP loan applications?

List of Banks and Credit Unions for SBA PPP LoansAmerica First Credit Union.Ameris Bank.Atlantic Capital Bank.Bank of America.BB&T.Blue Ridge Bank.Celtic Bank.First Commonwealth.More items…•

How much of the PPP funding 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.

Has PPP Loan been extended?

This bipartisan legislation extends the application deadline for PPP loans to August 8th. … The bill would extend the application deadline for initial PPP loans from June 30 to December 30, or longer, at the discretion of the Small Business Administration (SBA), and would use existing PPP funding to make P4 loans.

When should I apply for PPP forgiveness?

Similar to the point about FTE count above, you want to apply for forgiveness when your employees’ salaries or hourly wages are at a high point compared to pre-COVID levels in order to minimize the potential reduction in forgiveness to meet Safe Harbor.

How will PPP loans be forgiven?

PPP Loan Forgiveness. Borrowers will have their loans forgiven if they use the money for designated expenses. Participants are eligible for loan forgiveness for the amounts spent on authorized expenses over 24 weeks after loan disbursement (or eight weeks if they choose). Total payments for payroll may be forgivable.

What’s the difference between SBA and PPP?

The loans are made available through the Small Business Administration (SBA) under the CARES Act. … EIDLs offer advances up to $10,000 that do not need to be repaid, while PPP loans provide small business loans equal to 2.5 times their average monthly payroll, up to $10 million.