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<Data Story>

Update: 10.2 million PPP loans were forgiven. Here's why.

This story was updated on August 24, 2022, to reflect totals from the latest PPP data release, dated July 4, 2022.
11/18/2021

08/24/2022

More than 11.5 million Paycheck Protection Program (PPP) loans were issued as of July 4, 2022, with 707 borrowers receiving the maximum loan amount of $10 million.

Of the total number of loans, 10.2 million have been partially or fully forgiven. The average dollar amount forgiven was $72,500. Of the borrowers receiving the maximum amount, 625 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. 

 


 

Previously published, 11/18/2021

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. 

 

Image
small image of an infographic with information on the Paycheck Protection Program

 

 

 Click on the infographic above to view as a PDF. 

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