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The Small Business Administration (SBA) has made 367,321 payments to paycheck protection program (PPP) borrowers, forgiving more than $38 billion in PPP loans so far. The SBA's newly released data show that 595,144 forgiveness decision summaries have been submitted by lenders totaling $83.2 billion.

The PPP's authorization expired Aug. 8 with roughly $134 billion of allotted funds remaining. Since the program launched in April, it provided more than 5 million loans to small businesses for roughly $525 billion dollars.

PPP borrowers can submit a loan forgiveness application at any point before the maturity date of the loan, which is either two years or five years from loan origination. After the 10-month deferment period, borrowers must begin making payments on the loan if they have not yet applied for forgiveness.

The PPP forgiveness application portal launched Aug. 10 and the SBA said it began processing applications Oct. 2. There are three forgiveness applications: A standard one, an EZ version for borrowers meeting certain criteria, and a simplified version for loans under $50,000.

NAFCU continues fight for improvements to the PPP to ensure credit unions that are lenders through the program – more than 700 credit unions with less than $1 billion in assets participated – and their small business members are not burdened by the forgiveness process and have access to the resources needed to overcome the economic tolls of the pandemic. The association last week joined with other trade organizations to flag concerns related to "loan necessity" questionnaires required for borrowers who received loans over $2 million and the burdensome forgiveness process.

Access NAFCU's PPP FAQs here.