The Small Business Administration has charged off 390,103 PPP loans so far — or about 3.4% of the 11.46 million loans made across 2020 and 2021. The agency charges off a loan to recognize a loss.

The amount of a PPP loan is approximately equal to 2.5 times the applicant's average monthly payroll costs. In some cases, an applicant may receive a second draw typically equal to the first.