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80% of Loans Were Just Forgiven! What Does That Mean For the SBA…
Did you know that the SBA has forgiven over 80% of all small business loans? For those of you who took out money during the pandemic for the sake of keeping your business afloat, this applies to you.
Find out about this 80% of small businesses, how Elon Musk’s Tesla helped find PPP fraudsters, and why the GOP is worried about the SBA. Will they discontinue SBA? Let’s talk about it…
The Small Business Administration announced that it has forgiven 80% of the $791 billion in Paycheck Protection Program loans it began issuing in 2020 to businesses across the country to help them survive the pandemic.
Nearly 3,000 registered investment advisors, broker-dealers and industry vendors took PPP loans, according to the Treasury Department.
The latest SBA forgiveness report stated the following:
• 81% of all PPP loan recipients have submitted forgiveness applications.
• 80% of all PPP loans have been fully or partially forgiven.
• Forgiveness has been requested for 85% of the total loan value of all PPP loans.
• 83% of been the total PPP loan value has forgiven, in full or in part.