The NFIB Research Center’s latest COVID-19 small business impact survey shows nearly two-thirds of 2020 Paycheck Protection Plan (PPP) loan recipients have applied for loan forgiveness. The survey, conducted after the Consolidated Appropriations Act of 2021 was signed into law, also found that another 20% of businesses are not yet ready to apply for forgiveness. Additionally, 18% of recipients are ready to apply but their lenders are not yet accepting applications.
Of those who applied, 62% have received confirmation of approved forgiveness from the SBA. The survey measured PPP loan activity, forgiveness applications, approvals, and other activities for 2020 PPP recipients.
