Beginning Aug. 4, businesses that received up to $150,000 from the federal Paycheck Protection Program can apply directly with the U.S. Small Business Administration for relief.

An estimated 8.5 million enterprises nationwide have received funding under the Paycheck Protection Program: The SBA approved 157,405 forgivable loans totaling $17.3 billion in 2020, and 134,362 loans totaling roughly $8 billion in 2021.

The average loan size was $311,355, with more than 52% of approvals for loans less than $100,000. Approximately 52% were loaned to businesses with 10 or fewer employees, 87% employ fewer than 50 people and 94% went to companies with 100 or fewer people.

Under a newly signed bill, income from the federal Paycheck Protection Program will not be used to calculate how much in taxes a business owes to the state.

Companies are turning their attention toward a duo of Biden-era COVID-relief programs: one for restaurants and another for theaters and other live performance venues.

Despite helping New Jersey businesses of all sizes get through these challenging times, many companies remain skeptical about applying for the Paycheck Protection Program, even though it’s been a year since its introduction. Myths, misconceptions, inaccuracies—you name it—linger, and they may be causing unnecessary hesitation. First Bank President and CEO Patrick Ryan explores five common PPP misunderstandings and explains why, if you’re a business in need of cash, the time to act is now.

Since 2020, over 9.87 million PPP loans have been doled out to small businesses nationwide to help ease the economic challenges caused by the COVID-19 pandemic.

The Paycheck Protection Program generated considerable controversy after its March rollout with the COVID-19 pandemic taking a massive toll on the national economy. But, the loans did offer a reprieve to businesses that managed to secure them.