As the Small Business Administration official who oversaw the Paycheck Protection Program, I’m often asked, “Did PPP actually work?”
PPP was a response to state and local governments mandating shutdowns as a way to slow the spread of COVID-19. The premise was this: Encourage lenders to provide small businesses and nonprofits with forgivable, SBA-guaranteed loans over an eight-week period as a payroll-support measure. This small business financial support was designed to help prevent mass unemployment as Americans were confined to their homes.
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