President Donald Trump rolled out the Paycheck Protection Program to catapult the U.S. economy into a quick recovery from the coronavirus pandemic
suggests the overall price tag was high per job saved and most of the benefits accrued to the affluent.
The conflicting views of PPP are part of a broader debate over how to help an economy in crisis. There are pressures to get the right amount of money out as fast as possible without driving more inequality or triggering other forms of blowback such as high inflation. “The U.S. has instead ‘starved the beast,’” Autor said. “The result is not less government. It’s simply less effective government.”
When the Trump administration unveiled PPP in 2020, the full impacts from the pandemic were just beginning to be felt in the economy. There was a race to get money out as quickly as possible because of how unpredictable the situation was, so the loans went through major banks that often had existing relationships with eligible businesses for the sake of expediency.
It set up a 14-day period in February 2021 when only companies with fewer than 20 employees could apply for PPP loans. It changed how PPP loans were calculated so that sole proprietors, independent contractors and self-employed people could receive funding equal to their needs. More of the loans went through community and minority-owned financial institutions.
“We inherited a program from the previous administration that was rife with inequities,” said Juan Guzman, the head of the Small Business Administration.
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