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SBA, Treasury issue PPP guidance, updated lending data; Last day to apply for loans
The Small Business Administration (SBA) and the Treasury Department have released additional guidance regarding the calculation of paycheck protection program (PPP) loan amounts. In addition, today is the last day to apply for a new PPP loan; the program currently has $134 billion of funds left.
The SBA and Treasury issued an updated FAQ sheet to break down how borrowers can calculate what size loan for which they are eligible.
Additionally, the SBA released updated lending data for the program. Of note, more than 700 credit unions with assets of less than $1 billion have approved $2.9 billion in loans, and the most recent PPP loan data demonstrates their commitment to reaching the smallest businesses in need.
The average loan size, which has continued to drop over time, is $108,000.
NAFCU has updated its PPP FAQs to reflect recent updates from the SBA and the Treasury Department.
Further information is accessible on the SBA's and Treasury's websites. NAFCU will continue to update members on any new information regarding the program.