NAICU Washington Update

More than 5 Million PPP Loans Made Nationally

June 11, 2021

According to the Small Business Administration, as of May 21, the Paycheck Protection Program (PPP) has administered 5.2 million loans nationally to small businesses and non-profits, including eligible colleges and universities, and 3.3 million of these loans have been forgiven. In total, $279.4 billion of the funds have been forgiven out of $521.2 billion lent.

The PPP funds were initiated by banks in the form of fully forgivable loans provided the funds were used for allowable purposes, including: payroll costs; group health care benefits during periods of paid sick, medical, or family leave; insurance premiums; mortgage interest; rent; utilities; and interest on certain debt obligations. 

The PPP loans, available for institutions with 500 employees or less, were included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law in 2020.  

NAICU will continue to track the public data and will provide further updates regarding forgiveness in the private, nonprofit sector of higher education.

MORE News from NAICU