Paycheck Protection Program

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The Paycheck Protection Program (PPP) was a $953-billion business loan program established by the United States federal government by the 116th United States Congress 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 allowed entities to apply for low-interest private loans to pay for payroll and certain other costs. A PPP loan allowed a business applicant to receive funds up to 2.5 times the applicant's average monthly payroll costs. Sometimes, an applicant may have received a second draw typically equal to the first. The loan proceeded to cover payroll costs, rent, interest, and utilities. The loan could be partially or fully forgiven if the business kept its employee counts and employee wages stable. The U.S. Small Business Administration...

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