Washington, DC (July 7, 2020) — This week, the Small Business Administration released a new report about recipients of Paycheck Protection Program (PPP) loans. PPP is the centerpiece of the CARES Act, helping small business owners weather the pandemic by distributing 4.9 million loans worth $521 billion.
“The PPP is a bipartisan success story and one of the most successful government programs of all time. That’s because it was a true partnership with the private sector, helping small business owners keep their lights on and keep their employees paid in order to survive government-imposed lockdowns. The results are clear, five million small businesses obtained PPP loans saving 51 million jobs and primed America to start a V-shaped recovery under President Trump’s leadership. Those who want to attack the program are missing the forest for the trees. When you consider the speed with which the program was put together and the urgency of the crisis, it was inevitable there would be some kinks along the way. The PPP was designed to aid small businesses and it accomplished that mission. Those who want to turn a bipartisan success story into another front in the endless war against President Trump will only hurt our small business community and our economy. We can’t let that happen.”