As many businesses remain shuttered amid the coronavirus pandemic, President Donald Trump signed a law last week extending loan relief options for small businesses.
With approximately $130 billion of the $660 billion approved for the Paycheck Protection Program, which was created as part of the CARES Act, remaining as the deadline to apply passed on June 30, the law is set to extend that deadline until Aug. 8.
This is the third time the program has been modified, giving businesses more flexibility for use and opportunities for forgiveness.
In recent changes, more money has been added to the PPP, and the loan terms for borrowers have been extended to 24 weeks, instead of eight, with the program set to continue through the end of the year.
On Monday, the U.S. Small Business Administration, in consultation with the Treasury Department, also released details on all PPP loans that have been made.
As of Wednesday, $521 billion had been approved for nearly 4.9 million PPP loans, with the average size of loans being $106,542.
Even so, loans ranging from $150,000 to $10 million account for nearly 75% of the loan dollars approved, per the release.
In addition to loan amounts, data released includes business names, addresses, demographic data and lender names among other factors for loans larger than $150,000.
