House and Senate considering bills to enhance flexibility for PPP borrowers, including by extending forgiveness period

Revised on 5/28/2020

Since its rollout on 3 April 2020, the Paycheck Protection Program (PPP or the Program) has issued loans totaling more than US$510 billion to roughly 4.3 million businesses.

After exhausting its initial capitalization of US$349 billion, the PPP was replenished on 24 April 2020, with an additional US$310 billion. Owing to the Program's popularity, a bipartisan consensus has emerged around maintaining its viability. According to a report released by Treasury, about 70% of second-round PPP loans approved between 27 April and 1 May were for amounts of US$50,000 or less, and the overall average size of a Program loan, as of 1 May, was just US$79,000.

Read More: House and Senate considering bills to enhance flexibility for PPP borrowers, including by extending forgiveness period


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