The US Small Business Administration has so far approved about 3.3 million applications for forgiveness of loans under the Payroll Protection Program, the agency said at a congressional hearing on Wednesday.
This means that, according to the SBA, approximately 69.5% of the more than 5.2 million PPP loans issued in 2020 were fully or partially written off. But about $ 69.2 billion in loans over $ 1 million are “in progress” compared to about $ 12.3 billion in loans for lesser amounts, reflecting the difficulties some of the larger borrowers are facing with PPPs. in the process of forgiveness.
According to the SBA, up to May 24, about 81% of loans forgiven were less than $ 100,000. To date, more than 99% of the total PPP loans have been written off.
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