PPP Loans Saved as Many as 3.2 Million Jobs

New study was conducted by MIT and Federal Reserve.

The Paycheck Protection Program (PPP), a centerpiece of the Trump Administration’s economic response to the coronavirus pandemic, through hundreds of billions of dollars in government loans to small businesses, helped save between 1.4 million and 3.2 million jobs. A new research study by the Massachusetts Institute of Technology and Federal Reserve researchers said they boosted employment by 2 percent to 4.5 percent.

The research suggests that providing funding directly to companies helped curb job losses, even though employment remains about 15 million below pre-virus levels.

The program, which has distributed more than $500 billion in loans to small businesses, was set to expire at the end of June, but Congress extended it through the beginning of August.

As the Lord Leads, Pray with Us…

  • For members of Congress and the Trump Administration as they negotiate the next round of stimulus funds to help ease the economic pain of the pandemic.
  • For companies that are still struggling, and others which were unable to receive PPP funding.
  • For Americans who remain out of work, and owners of businesses that may never reopen.

Sources: Bloomberg News, Newsmax


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