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Tax & AccountingJanuary 06, 2022

SBA Issues Year-end PPP Loan Forgiveness Report

The Small Business Administration (SBA) issued it’s year-end Payroll Protection Program (PPP) loan forgiveness report. Click here to download the PDF.

 The report indicates that overall:

  • 81% of all PPP loans have submitted forgiveness applications
  • Forgiveness has been requested for 85% of the total loan value of all PPP loans
  • 80% of all PPP loans have been fully or partially forgiven
  • 83% of been the total PPP loan value has forgiven, in full or in part

 For 2020:

  • 95% of 2020 PPP loans have submitted forgiveness applications
  • Forgiveness has been requested for 96% of the total loan value of 2020 PPP loans
  • 93% of 2020 PPP loans have been fully or partially forgiven
  • 94% of the total 2020 PPP loan value has been forgiven, in full or in part

For 2021:

  • 70% of 2021 PPP loans have submitted forgiveness applications
  • Forgiveness has been requested for 64% of the total loan value of 2021 PPP loans
  • 68% of 2021 PPP loans have been fully or partially forgiven
  • 62% of the total 2021 PPP loan value has been forgiven, in full or in part

 There is no current indication Congress will pass additional PPP legislation, so the forgiveness phase of the program is nearly completed. The government is focused on enforcement (some estimates put the amount of fraud at close to $100B).   

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Mark Friedlich
Vice President of US Affairs for Wolters Kluwer Tax & Accounting
Mark Friedlich, a CPA & tax lawyer, is the Vice President of US Affairs for Wolters Kluwer Tax & Accounting. He is a member of the U.S. Senate Finance Committee’s Chief Tax Counsel’s Advisory Board, advisor to 14 state taxing authorities, and has been a member of the American Bar Association’s Tax Section and AICPA’s Tax Section leadership teams. Prior to joining Wolters Kluwer he was a COO and Principal at PwC.

 

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