Commentary: Did PPP Work?

As the Small Business Administration official who oversaw the Paycheck Protection Program, I’m often asked, “Did PPP actually work?”  

PPP was a response to state and local governments mandating shutdowns as a way to slow the spread of COVID-19. The premise was this: Encourage lenders to provide small businesses and nonprofits with forgivable, SBA-guaranteed loans over an eight-week period as a payroll-support measure. This small business financial support was designed to help prevent mass unemployment as Americans were confined to their homes.  

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Republicans Will Put PPP Funding Back on the Floor for a Vote Despite Democrats’ Efforts to Block It, Sen. Blackburn Says

U.S. Sen. Marsha Blackburn (R-TN) told CNBC’s SquawkBox on Wednesday that Republicans will try again to pass their bill that would provide PPP and vaccine funding despite Democrats’ attempts to block the efforts.

CNBC asked Blackburn if she would vote for a deal if the White House and the Treasury Department reached an agreement with House Speaker Nancy Pelosi (D-CA-12).

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Congressional Debate: Candidates Scott Taylor and Incumbent Elaine Luria Spar Over Stimulus Packages and Gun Control

Republican challenger Scott Taylor and incumbent Representative Elaine Luria (D-Virginia Beach) faced off Tuesday night in their first televised debate. The 2nd Congressional District race is currently a toss-up.
Political reporter Joe St. George served as the moderator. Questions featured were presented in three segments: from the moderator first, then viewers, and lastly from Taylor and Luria.

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Man Arrested After Illegally Obtaining $8.5 Million in Coronavirus Relief

A California man was arrested on Thursday after being charged with fraudulently claiming $8.5 million in coronavirus relief funds through the Payment Protection Program (PPP) and spending hundreds of thousands at a Las Vegas casino, the U.S. Department of Justice (DOJ) announced.

The criminal complaint charges Andrew Marnell, 40, of Los Angeles, CA, with submitting fake documents in the PPP funding application, lying about the expenses and business operations of several businesses and using fake aliases to obtain these federal government sourced funds.

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Paycheck Protection Program Is Supporting More Than 51 Million Small Business Jobs, Trump Administration Announces

The $670 billion Paycheck Protection Program (PPP) has supported more than 51 million jobs since its launch in April, the Treasury Department and Small Business Administration announced Monday as it released information on 4.9 million loans disbursed by the program.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Treasury Secretary Steven Mnuchin said in a statement Monday.

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