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President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
"The SBA's new streamlined application portal will simplify forgiveness for millions of our smallest businesses—including many sole proprietors—who used funds from our Paycheck Protection ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
The Paycheck Protection Program (PPP), was designed to help businesses maintain their employee headcount. The funds were distributed as loans, however, they could be forgiven under certain conditions.
Black loans are 3% of 7a loans for fiscal years 2014-2019. The SBA report to Congress has minority loans at 23%. On April 17, 2020, the SBA approved $20 million in forgivable loans to Ruth's Hospitality Group, a publicly traded company, as part of the Paycheck Protection Program. [45]
SBA loan statistics. According to the SBA, at the end of 2023 fiscal year:. $27.5 billion in SBA 7(a) loans was approved. Almost 70 percent of 7(a) loans were for amounts under $350,000
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