Due to legislation that was signed into law on July 4th, there is now an extended deadline to apply for the remaining $130 Billion in PPP dollars available to small businesses. The new deadline has been moved to August 8th, which will get you past the July 15th extended tax filing date.
More than 170,000 loans totaling about $38.5 billion have been canceled as of May 31. These companies made the decision to pay back the PPP funds because they could find additional funding or due to the fact that there has been increasing clarity into their business future.
Yesterday, the Trump administration also released a list of companies that received the most money from the PPP loans, and were not canceled (paid back). These businesses received more than $150,000 from the program, which is far less than the $2 million safe harbor released by the SBA. These loans made up only around 13% of all loans, but accounted for almost 75% of all the funds disbursed. For instance, after looking at all the data for Hendricks County Indiana, it appears that we had 194 loans of over $150,000 and 1,567 loans under $150,000. If you would like to look at all of this data, you can find it via the SBA data dump here. I have broken them down into spreadsheets.
The SBA also released some more information about the program. This data includes that they had approved almost 5 million loans totaling over $520 billion. This program supported more than 51 million jobs (when the loans were applied for), and the average loan size is $107,000. The industries that received the highest share of PPP dollars included Health and Social Assistance, Professional, Construction, and Manufacturing.
We have written about the updated PPP Loan forgiveness guidance before, so you can check that out at your leisure, but according to the new guidelines you have until the end of the year to apply for your PPP forgiveness. Also, if you have not applied for the PPP yet, but think you may want to, you should start on your application now.
Good luck, and remember to speak to your advisor or CPA before you take any recommendations.