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4.1 million PPP loans were forgiven. Here's why.

More than 11.8 million Paycheck Protection Program (PPP) loans were issued as of June 30, 2021, with 708 borrowers receiving the maximum loan amount of $10 million.

Of the total number of loans, 4.1 million have been forgiven. The average dollar amount forgiven was $95,700. Of the borrowers receiving the maximum amount, 323 loans have been partially or fully forgiven. 

In some instances, you may see on the Paycheck Protection Program Interactive Dashboard that the forgiven loan amount is more than the original loan. The reason is that the interest on the loan has been forgiven as well. 

How do borrowers qualify for loan forgiveness? 

If borrowers use at least 60% of the loan to cover payroll within 8 or 24 weeks after receiving the loan, they can submit an application to have the loan forgiven. Our data shows that 97% of PPP loans were used for payrolls. 

 

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thumbnail image of the paycheck protection program fact sheet

 

 Click on the infographic above to view as a PDF. 

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