As a new proposal to replace the emergency lending program gains steam, here’s how much money is left, how many jobs were saved, and what could be ahead.
Under the program, companies with fewer than 500 workers can apply for loans of up to $10 million at 1% interest in order to cover two months of payroll and overhead expenses. So long as borrowers retain workers and don’t cut wages, the government will forgive most or all of the loan. Meanwhile, a new proposal by House Democrats to replace the PPP is gaining steam.
That’s how much Congress has allocated for the PPP through two separate rounds of funding. That’s how long it took for the first round of the PPP to run out of money. During that time, the Small Business Administration guaranteed 1.6 million loans worth $342 billion. After the funds ran dry, lawmakers scrambled to put together a second piece of legislation to replenish the PPP.
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