Other Views: Not very progressive in PPP: Lessons learned from PPP loans that went mainly to the wealthy | Opinion


As the pandemic forced widespread shutdowns in 2020, federal policymakers watched a torrent of job losses. Millions of workers were being laid off from companies large and small, and millions more would lose their jobs with each passing week, causing indelible long-term damage to their financial situation and to the entire economy, to unless the government takes action.

So, in addition to direct cash assistance, the government properly implemented the Paycheck Protection Program, a system created to provide employers with low-interest, easily repayable loans that could be used to retain workers. It was largely untargeted and had relatively lax standards, as getting the money out as quickly as possible was crucial.


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