Not to be confused with Public–private partnership, also often abbreviated as PPP.
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020
The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
The Paycheck Protection Program allows entities to apply for low-interest private loans to pay for payroll and certain other costs. A PPP loan amount is approximately equal to 2.5 times the applicant's average monthly payroll costs. Sometimes, an applicant may receive a second draw typically equal to the first. The loan proceeds to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable. The U.S. Small Business Administration implements the program. The deadline to apply for a PPP loan was March 31, 2021.[1]
Some economists have found that the PPP did not save as many jobs as purported and aided too many businesses that were not at risk of going under.[2][3] They noted that other programs, such as unemployment insurance, food assistance, and aid to state and local governments, would have been more efficient at strengthening the economy. The program was criticized for its exorbitant cost, costing approximately $169k - $258k per job saved, and that the majority of benefits flowed to small-business owners, their creditors and their suppliers rather than to workers.[4] Supporters of the program note that the PPP functioned well to prevent business closures and cannot be measured on the number of jobs saved alone.[2]
^Cite error: The named reference reauthorization was invoked but never defined (see the help page).
^ abCasselman, Ben; Tankersley, Jim (2021-02-01). "$500 Billion in Aid to Small Businesses: How Much Did It Help?". The New York Times. ISSN 0362-4331. Retrieved 2021-02-01.
^Autor, David; Cho, David; Crane, Leland D.; Goldar, Mita; Lutz, Byron; Montes, Joshua; Peterman, William B.; Ratner, David; Villar, Daniel; Yildirmaz, Ahu (2022). "The $800 Billion Paycheck Protection Program: Where Did the Money Go and Why Did It Go There?". Journal of Economic Perspectives. 36 (2): 55–80. doi:10.1257/jep.36.2.55. ISSN 0895-3309.
^Emmons, William R.; Dahl, Drew (July 6, 2022). "Was the Paycheck Protection Program Effective?". Federal Reserve Bank of St. Louis. Retrieved 12 September 2022.
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