PPP Round One Complete; Where Do We Stand?

Over the past few weeks, companies across the U.S. have been frantically pulling together information and filling out applications with the hope of being awarded a piece of the initial $349 billion Paycheck Protection Program (PPP) loan pie. Now that the window for the first round of loans has closed – the Small Business Administration ceased accepting applications on April 16 – where does everyone stand?

Ultimately throughout the country, approximately $342.3 billion of loans were issued to 1.66 borrowers. Pennsylvania ranks in the top 10 nationwide in both number of loans and dollars received, with the manufacturing industry receiving approximately 12%.

Many companies, though, were not fortunate to receive the funding, an additional $310 billion has been approved by the Senate for the PPP, which is subject to approval of the House of Representatives. If your company missed out on the first round, a second round should not be too far off. Where ever you’re at in the process, remember that Schneider Downs is here to help you with any questions you have along the way!

Please visit our Coronavirus resource page at schneiderdowns.com/our-thoughts-on/category/Coronavirus for related content.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2020 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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