Search

Loans are forgivable (they don’t need to be repaid) if a borrower meets certain requirements, such as using at least 60% of the loan for payroll costs. Given the average PPP loan amount is $59,000, forgiveness can be financially significant to a borrower.

Households struggling to pay rent or utility bills received relief from the December 2020 passage of the $25 billion Emergency Rental Assistance (ERA1) program. State and local governments began receiving ERA1 funding in January 2021. The American Rescue Plan Act added $21 billion more to the program (ERA2)