Thu, June 18, 2020
The Small Business Administration released new loan forgiveness updates yesterday that will give many borrowers an easy pathway to having their debt eliminated. As of June 12th, 355,985 Florida businesses have received a PPP loan, totaling over $30.8 billion in approved funding. Nationwide, the three top industries to receive a PPP loan are health care, professional, scientific and technical services, and construction. Accommodation and food services, and retail trade account for about 15 percent of the nationwide funding. To date, there is roughly $130 billion remaining for loans with the application window closing June 30, 2020. The SBA, in conjunction with the U.S. Treasury has updated a number of documents, including: guidance and rules, loan application, loan forgiveness application, and instructions to address the changes made in the recently passed Paycheck Protection Program Flexibility Act.