PAYCHECK PROTECTION PROGRAM
LOAN FORGIVENESS BY THE NUMBERS
PPP Loan Forgiveness:
10.5 Million Loans Worth
$755 Billion Forgiven
The Paycheck Protection Program (PPP) has
loaned $793 billion to 11.5 million small
businesses to help them keep their workforce
employed during the pandemic. Fully
guaranteed Small Business Administration
loans worth up to $10 million were available
to most small businesses, individuals, and
nonprofit organizations that had fewer than
500 employees.
How does a business get its PPP
loan forgiven?
Borrowers qualify for loan forgiveness if they
use at least 60% of the funds for payroll
costs between 8 and 24 weeks after the loan
disbursement date. A loan forgiveness
application must be submitted before the
maturity date of the loan, which is either two
or five years from the date the loan originated.
86 million
The number of jobs reported
as retained by businesses
whose PPP loans were
forgiven.
649
The number of loans
partially or fully forgiven that
received the maximum PPP
loan amount
of $10 million.
$72,100
The average dollar amount
of a forgiven PPP loan.
Which states had the
most PPP loans forgiven?
1,157,000
California
859,400
Florida
856,700
Texas
Data as of October 2, 2022. Find out more about Paycheck Protection Program data at PandemicOversight.gov
