How 2021 Borrowers Seek SBA Loan Forgiveness Under PPP

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More and more small business owners who took out loans under the Small Business Administration’s Payroll Protection Program in 2021 ask for forgiveness – and the vast majority receive them in full.

So far, about 1.27 million small businesses have applied for 2021 loan forgiveness, which is about 20% of the 6.35 million loans issued earlier in 2021. according to SBA as of August 15… That’s more than 860,856 forgiveness for small business owners. filed as of July 30 – or about 14% of all loans in 2021.

According to the SBA, 17% of 2021 PPP loans have already been fully or partially written off, with the SBA paying $ 35.1 billion in forgiven payments, or about 13% of the total loans of $ 271 billion.

Read the full story at cleveland.com’s sister site, Cleveland Business Journal.

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