Congress and the Trump administration, in their bid to funnel more than $650 billion in forgivable loans to small businesses struggling through the pandemic, delivered a program that didn’t work for many that needed it.
The Paycheck Protection Program, which sped through Congress, was a rare instance of bipartisan cooperation between lawmakers and the administration, and opened for business on April 3, just two weeks after it was drafted. The program, known as the PPP, kept millions of workers off unemployment rolls by providing temporary support for businesses facing pandemic lockdowns and disappearing demand.
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