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On the Paycheck Protection Program, Congress needs to get it right

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Unread 04.10.20, 08:25 PM
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On the Paycheck Protection Program, Congress needs to get it right

04.10.20 05:51 AM

The COVID-19 crisis has caused an unprecedented amount of economic hardship for workers, families, and businesses across the country. Some of this hardship is the result of necessary government policy needed to address the coronavirus pandemic. In response, Congress passed the CARES Act, which is intended to provide needed relief funding for those individuals and businesses adversely affected by the government’s actions. This legislation established the Paycheck Protection Program, through which $349 billion has been authorized to be loaned to eligible small businesses. The $2 trillion was passed two weeks ago. Now, Congress is already looking to approve additional spending without having first assessed whether the CARES Act is working. Early indicators suggest that the rollout of even just the business relief is already in need of improvement. On Friday, April 3, the PPP’s first day of operations, the Small Business Administration approved 17,500 loans totaling $5.4 billion according to the Treasury Department and the SBA. Four days later, on April 7, the SBA recorded over 220,000 loans totaling $66 billion. Demand for these loans is steep, and there are approximately 30 million small businesses that would qualify, representing 50% of all U.S. jobs. However, the program launch was beset […]

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