Ĭumulatively preserved between 2 and 3 million job-years of employment over 14 months at a cost of $169K to $258K per job-year retained. The purpose of the Paycheck Protection Program and loan forgiveness is to provide economic relief to small businesses and certain other entities that have been adversely impacted by the COVID-19 pandemic. 5.3 Memo from Office of Management and Budget.
5.2 Report from Government Accountability Office.4.4 Loans made to publicly traded companies.4.3 Loans made to anti-vaccination organizations.4.1 Loans made to politicians and their families.3.6 Consolidated Appropriations Act, 2021.3.3 Paycheck Protection Program Flexibility Act of 2020.3.2 Paycheck Protection Program and Health Care Enhancement Act.2.6.2 Calculation for self-employed individuals and owner-employees.2.6.1 Calculation for borrowers with employees.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. 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. 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. 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. The deadline to apply for a PPP loan was March 31, 2021. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable. The loan proceeds may be used to cover payroll costs, rent, interest, and utilities. In some cases, an applicant may receive a second draw typically equal to the first. The amount of a PPP loan is approximately equal to 2.5 times the applicant's average monthly payroll costs. The Paycheck Protection Program allows entities to apply for low-interest private loans to pay for their payroll and certain other costs. The Paycheck Protection Program ( PPP) is a $953-billion business loan program established by the United States federal government during the Donald 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. United States Government business loan program
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