Below  are two quick updates from the SBA about the Paycheck Protection Program. As a reminder, the SBA cannot comment on any pending legislation, but should something become law and/or legislation change a current law, they will update all of us accordingly.

According to the most recent Paycheck Protection Program Report, as of July 24, more than five million PPP loans have been approved nationally and approximately $130 billion remained available (when accounting for statutory program costs). Great Lakes Region state and total PPP loan data is below, showing more than 742,000 small businesses and non-profits in the six states approved for PPP loans. August 8, 2020, at 11:59 p.m. EDT currently is the deadline for lenders to submit applications to the SBA.

Meanwhile, On July 23, the SBA issued forgiveness guidance information to lenders with delegated authority for PPP lending. Pending any legislative changes, the PPP loan forgiveness portal will open to these lenders on August 10. Borrowers must complete their PPP loan forgiveness applications and submit to their respective lenders who will then submit that the forgiveness applications via the portal.

For detailed information on SBA programs for the coronavirus, visit www.sba.gov/coronavirusrelief and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).