The last PPP draw was in May 2021. However, existing borrowers might still be eligible for full loan forgiveness through a loan forgiveness application. In 2023, the PPP Loan Forgiveness Program will be available to eligible borrowers. This program will forgive all or part of the loan balance for those who meet the criteria.
It is unlikely that there will be another paycheck protection program in 2023, despite the fact that it is impossible to predict with certainty. According to the PPP data shared on the SBA.gov website, there were 11.4 million PPP loans issued to small businesses and self-employed entrepreneurs throughout 2020 and 2021.
If you received emergency relief, then there are a few important things you need to know. The Paycheck Protection Program loans that are offered via the Small Business Administration are not going to be offered again any time soon. Yet, there are additional measures that can assist your company in recouping revenue that was lost as a result of the COVID-19 pandemic.