The U.S. Small Business Administration has closed applications for the Paycheck Protection Program, which has provided over $798 billion in economic relief to small businesses and nonprofits across the nation.
“The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-generation economic crisis,” said SBA Administrator Isabella Casillas Guzman, in a statement. “I’ve heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees—and gave them hope. At the same time, millions of underserved businesses—particularly our smallest businesses and those owned by women and people of color—were left out of early rounds of relief. I’m proud of the work we did to begin to rectify these inequities—in 2021, 96 percent of PPP loans went to small businesses with fewer than 20 employees. Moving forward, we will continue to prioritize equity in all SBA’s programs and services.”
Related: PPP Funds Nearly Exhausted; SBA Encourages Participation in Restaurant Grant Program.