WASHINGTON, D.C. (WWTI) — Following the closure of the Paycheck Protection Program in late May, United States Small Business Administration Administrator Isabella Casillas Guzman issued a statement on the support provided to small businesses and nonprofits.
Administrator Guzman’s statement read:
The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-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 gave them hope. 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.”
According to the SBA, the Paycheck Protection Program provided over $798 billion in economic relief, with 32% of all loans going to low- and moderate-income communities.
The Paycheck Protection Program was first opened during the COVID-19 pandemic to provide disaster relief emergency funding to affected small businesses.
The SBA Office of Capital Access notified PPP-participating lenders that at 7:00 p.m. on Friday, May 29, the portal would close.