June 30 is the last day to apply for a loan under the Government’s Paycheck Protection Program (PPP), which was launched as a result of the coronavirus pandemic.
According to a Report published by the Small Business Administration Saturday, 5,458 lenders had approved 4.8 million loans since the program’s launch, representing $518.9 billion in financing. This leaves $134.5 billion in unused funding available under the program.
Approximately 66% of the loans were for $50,000 or less. The average loan size was $108,000. California was the state that saw the highest numbers of loans and received the most funding.
The PPP is the US government’s main stimulus measure to combat the economic impact of the COVID-19 pandemic. It provides forgivable loans to businesses to cover their payroll and other expenses. In order to qualify for the loan, these applicant businesses must certify that the loan is necessary due to economic uncertainty.
Earlier this month, the government extended relaxed the conditions under which a business would need to repay the loan.
Looking for funding alternatives to the PPP? Try Fundsearch today.