Two Years Into COVID, Was $800 Billion PPP Loan Worth It?
By changing the PPP program's guidelines, the Biden administration was trying to prevent the pandemic from further widening the country's racial wealth gap.
The program enjoyed bipartisan support and the treasury secretary at the time, Steven Mnuchin, told a congressional committee in September 2020 that the payments had supported 50 million jobs. Yet as he pushed for additional aid, Mnuchin said the most important thing during the pandemic was to provide aid “quickly.”
As a result of the changes, PPP issued about 2 million loans last year to businesses in low- to moderate-income communities, a 67% increase from a year earlier, according to figures provided by administration officials. There were 6 million businesses with fewer than 20 employees that got loans, a 35% increase from the program during the Trump administration.
“We inherited a program from the previous administration that was rife with inequities,” said Isabel Guzman, the head of the Small Business Administration.
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