They have been a lifeline for laid-off workers. They also boost demand and enable businesses to focus on staying afloat.
About 75% of small businesses sought Paycheck Protection Program loans and about 72% of them got PPP loans, according to the Census Bureau.
It's clear the loans went to some enterprises that are once again prompting questions about who really needed the government aid.
Congress and the Trump administration have not yet agreed on a plan for distributing the unused $130 billion remaining in the program.
The deadline for Paycheck Protection Program loan approvals is Tuesday. Some haven't been clear about their eligibility. Others have been trying since the beginning.
The Trump administration says the relevant part is that the COVID-19 relief loans complied with the law — not who actually got them.
The direct-to-consumer flower company founder said the Paycheck Protection Program failed the small companies it was meant to protect.
The Small Business Administration says over 1.3 million loan applications have been approved as of Wednesday. But many businesses whose loans have been approved haven’t yet seen any of the money.
Check your lease, call your landlord, and get ready to apply to the new federal Paycheck Protection Program.