WASHINGTON (BRAIN) — More than 1.1 million Paycheck Protection Program loans have been forgiven so far, totaling $100 billion, the Small Business Administration said.
So far, 1,346,125 PPP applications for $170.5 billion have been received by the SBA, which has paid out nearly 85% of the loan requests. For smaller borrowers requesting loans up to $50,000, 88% have been approved.
The program resumed this week, offering loans to new and some existing borrowers. This round of COVID-19 pandemic funding authorized up to $284 billion toward job retention and certain other expenses through March 31, and by allowing certain existing borrowers to apply for another loan.
The $900 billion relief package was officially approved on Dec. 27. PeopleForBikes, which has been offering industry loan resources since the pandemic began in the spring, said retailers should contact their lenders with questions and prepare financial materials for when the application period opens.
More than 1,900 bike-related businesses — retailers, distributors, manufacturers, nonprofits, tour and race companies and more — received loans during the first phase totaling $134.7 million. The loans, which are forgiven if spent primarily on payroll, were intended to protect more than 17,000 jobs in the bike industry.
While some retailers and suppliers benefitted from the bike boom last year, others suffered from lack of inventory and increased costs. And other types of bicycle-related businesses, including coaching, bike-fitting, indoor cycling studios, events, tours, nonprofits and media, have not enjoyed the fruits of the boom.
