Good morning. I’m L.A. Times Business reporter Samantha Masunaga, filling in for Rachel Schnalzer to bring you our weekly newsletter. The window to apply for federal Paycheck Protection Program loans, which have provided a lifeline for many small businesses during the COVID-19 pandemic, closed Monday.

The next steps for recipients: Spend the money and erase the debt.

The loans are designed to be forgiven, but it’s not automatic. Recipients can keep the money if they demonstrate that they used it for certain purposes and largely refrained from cutting jobs and pay.

As of last week, 3.3 million PPP loans, worth a combined $279.4 billion, have been forgiven out of a total of 5.2 million loans issued last year, according to the Small Business Administration. About $1 billion in PPP loans were not forgiven, while $81.5 billion in loans are under review, and applications for forgiveness have not been received for $159.1 billion worth of loans.

Overall, more than 99% of loan value has been forgiven for those that…

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