A total of $135 billion remains in available Paycheck Protection Program funding as of May 16, the U.S. Small Business Administration announced Wednesday.
Across the U.S., 5,496 Small Business Administration lenders approved $513.3 billion for a total of 4.3 million loans, according to a U.S. SBA report. The average size for approved loans was $118,000.
Wisconsin ranked 19th for most loans approved across the U.S. and 18th for loan dollars approved. A total of 185 approved loans at a value of $7.7 million has not yet been confirmed, according to the report.
The average loan size for Wisconsin businesses was $124,871.
Loans of $50,000 or less accounted for 63.7 percent of all loans approved and 10 percent of total dollars approved. Loans of less than $1 million but greater than $50,000 composed 34.4 percent of approved loans and 53.4 percent of total loan dollars approved.
Loans greater than $1 million accounted for 1.9 percent of approved loans and 36 percent of total loan dollars approved, according to the report.
Small business owners who applied for personal loans for bad credit through the federal government’s Paycheck Protection Program can now apply for loan forgiveness.
Funds disbursed through the PPP can be forgiven so long as 75% of the money is spent on payroll and the remainder is used for rent, utilities, and mortgage interest. However, the funds must be used in the eight weeks following the day the loan was disbursed.
To apply for forgiveness, the borrower must complete the application and submit it to the lender that serviced the PPP loan.
The BizTimes recently hosted a webinar in which experts detailed best practices and strategies for managing PPP funds and how to achieve loan forgiveness.
Click here for the PPP forgiveness application and instructions.
Get more news and insight in the April 27 issue of BizTimes Milwaukee. Subscribe to get updates in your inbox here.
