Tax & AccountingJanuary 06, 2022
SBA Issues Year-end PPP Loan Forgiveness Report
The Small Business Administration (SBA) issued it’s year-end Payroll Protection Program (PPP) loan forgiveness report. Click here to download the PDF.
The report indicates that overall:
- 81% of all PPP loans have submitted forgiveness applications
- Forgiveness has been requested for 85% of the total loan value of all PPP loans
- 80% of all PPP loans have been fully or partially forgiven
- 83% of been the total PPP loan value has forgiven, in full or in part
For 2020:
- 95% of 2020 PPP loans have submitted forgiveness applications
- Forgiveness has been requested for 96% of the total loan value of 2020 PPP loans
- 93% of 2020 PPP loans have been fully or partially forgiven
- 94% of the total 2020 PPP loan value has been forgiven, in full or in part
For 2021:
- 70% of 2021 PPP loans have submitted forgiveness applications
- Forgiveness has been requested for 64% of the total loan value of 2021 PPP loans
- 68% of 2021 PPP loans have been fully or partially forgiven
- 62% of the total 2021 PPP loan value has been forgiven, in full or in part
There is no current indication Congress will pass additional PPP legislation, so the forgiveness phase of the program is nearly completed. The government is focused on enforcement (some estimates put the amount of fraud at close to $100B).
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