SBA closes PPP to new applications

Written on Jun 02, 2021

The U.S. Small Business Administration is closing the Paycheck Protection Program (PPP) to new loan guaranty applications. The PPP has provided over $798 billion in economic relief to small businesses and nonprofits across the nation.

The PPP was among the first COVID-19 economic disaster relief programs to provide emergency funds to small businesses affected by the pandemic. The program has supported the smallest of small businesses with 32% of the loans going to Low-and-Moderate Income (LMI) communities. Additionally, Community Financial Institutions (CFIs) played a pivotal role in 2021 PPP lending to underserved communities during this period, providing 1.5 million loans totaling $30 billion. PPP loans in 2021 averaged $42,000, another indicator of targeted relief to the smallest small businesses. 

The PPP is only one of eight disaster relief programs established by Congress to assist small businesses during the COVID-19 pandemic. Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program. To learn more about these programs, visit www.sba.gov/relief.

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