x
Breaking News
More () »

Small Business Administration announces closure of Paycheck Protection Program

The program provided nearly $800 billion to small businesses and nonprofits across the country.
Credit: SBA

WASHINGTON — On Tuesday, U.S. Small Business Administrator Isabella Casillas Guzman issued a statement regarding the closure of the Paycheck Protection Program to new loan guaranty applications.

"The Paycheck Protection Program provided over 8.5 million small business and nonprofits the lifeline they needed to survive during a once-in-a-generation economic crisis. I've heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees and give them hope." Guzman said in a press release. "At the same time, millions of underserved businesses—particularly our smallest businesses and those owned by women and people of color—were left out of early rounds of relief. I'm proud of the work we did to begin to rectify these inequities. In 2021, 96% of PPP loans went to small businesses with fewer than 20 employees. Moving forward, we will continue to prioritize equity in all SBA's programs and services."

The Paycheck Protection Program was among the first COVID-19 economic disaster relief programs to provide emergency funds to small businesses affected by the pandemic, focusing on the smallest of small businesses, with 32% of the loans going to low-and-moderate income communities. 

The PPP is one of eight disaster relief programs established by Congress to assist small businesses during the pandemic. Other programs include Economic Injury Disaster Loan, EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant and SBA Debt Relief Program. For more information on the programs, go to sba.gov/relief.

For more information about the SBA, go to sba.gov.

Before You Leave, Check This Out