There are three updates from the SBA to share with the Michigan business community about the Paycheck Protection Program, which closed to new applications and adjustments this past Saturday, August 8, at 11:59 p.m.

1. According to the most recent Paycheck Protection Program Report, as of August 8, more than 5.2 million PPP loans totaling $525+ billion were approved nationally with an approximate PPP loan average of $100,000. Great Lakes Region state and total PPP data is below, showing nearly 778,000 small businesses and non-profits in the six states were approved for PPP loans. This is a regional increase of nearly 25,000 in the last week (since July 31).

SBA’s Great Lakes Regional Administrator Rob Scott states: “The Paycheck Protection Program was an overwhelming success for America’s small business sector, which is the engine of our economy. In just four months and while working closely with lending institutions, our partners and community and economic leaders, nearly 778,000 small businesses and non-profits in the region’s six states received much-needed relief funding. We remain dedicated to our mission to ensure small businesses will recover and continue to start, grow and expand as we safely reopen our economy.”

2. The PPP loan forgiveness portal is now open to lenders. Borrowers must complete their PPP loan forgiveness applications and submit to their respective lenders who will then submit the forgiveness applications via the portal.
3. Updated FAQs have been posted in relation to the overall program as well as the forgiveness process.

For detailed information on SBA programs for the coronavirus, visit www.sba.gov/coronavirusrelief and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).