The Small Business Administration has officially forgiven — in whole or in part — more than half of the nearly 11.5 million Paycheck Protection Program loans made across 2020 and 2021.
The SBA has officially made forgiveness payments on 6,059,574 PPP loans as of Sept. 5, according to SBA data, or about 53% of all PPP loans. That is up from 46% of all PPP loans as of Aug. 15, the last time the SBA updated its forgiveness numbers.
That includes roughly 4.4 million million payments made on the 5.13 million PPP loans the SBA made during the initial 2020 wave of the program, or about 86% of all 2020 PPP loans. So far, about 4.5 million PPP borrowers in that round have applied for forgiveness — although that means more than 600,000 business owners have yet to apply, even as they will have to start making payments on unforgiven loans if they miss the deadline.