Roughly $28B in PPP Funds Still Unforgiven
Feb. 18, 2022—Roughly $28 billion in Paycheck Protection Program loans have not yet been forgiven, the Dallas Morning News reported.
That $28 billion is made up of almost 350,000 loans, most of which are for less than $25,000 each.
That lingering debt is creating a burden for the smallest businesses, including many run by minority entrepreneurs, say advocacy groups, community leaders and business owners. Some borrowers who say they meet the criteria for forgiveness are struggling with technical snafus, onerous documentation requirements and confusing websites.
As a response, advocates led by the Center for Responsible Lending, on Thursday asked the SBA, the U.S. Treasury and Congress to take steps to help small business owners with outstanding PPP loans, including by automatically forgiving those of $25,000 and less.