PPP Application Period Extended and Loan Recipient Data Released

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The application window has been extended until August 8, 2020, for loans from the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Following the original application deadline of June 30, 2020, the SBA summary report showed that nearly $132 billion in funding was still available.

The President approved the extension of the application period over the holiday weekend, and the SBA resumed accepting applications on July 6, 2020. Both Chambers of Congress unanimously approved the measure to keep a source of funding open for small businesses while Congress works on a second, more targeted funding program.

PPP Loan Recipient Data Released

Additionally, the SBA and Treasury released the names of all organizations that received PPP loans of $150,000 or more. Data for PPP loans less than $150,000 was also published, but does not include the names and addresses of those businesses. Various reports and sorted data lists can be found on the Treasury’s PPP Loan Level Data webpage.

According to the SBA PPP report as of 6/30/20, 86.5% of PPP loans were for less than $150,000. The average loan size was $107,000. Over 3.5 million loans were for $50,000 or less, and approximately 82,600 loans were for over $1 million.

If you need assistance with issues related to PPP Loans, please contact Bob Grossman, Don Johnston or Mike Weber at 412-338-9300.

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