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PPP loan application
The Paycheck Protection Program (PPP) is a $ 953 billion business loan program established by the United States government, led by Donald Trump administration in 2020 under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses. , self-employed workers, sole owners, certain non-profit organizations and international businesses continue to pay their employees.The Paycheck Protection Program allows businesses to apply for a low-interest private loan to repay their payments and other expenses.
The PPP loan amount is approximately equal to 2.5 times the applicant's monthly payment cost.
In some cases, the applicant may receive a second nomination similar to the first. Earnings can be used to pay for expenses, rent, interest, and services.
Loans may be partially or partially remedied if the entity maintains its employee statistics and employee salaries. The program is run by the U.S. Small Business Administration. The deadline for applying for a PPP loan was March 31, 2021.
Some economists have found that the PPP did not save as many jobs as it had intended and helped many businesses that were not at risk of falling.
They noted that other programs, such as unemployment insurance, food aid, and assistance from provincial and local governments, would be more effective in strengthening the economy.
Opponents of the idea recognize that PPP has been effective in preventing business closures and cannot be measured by the number of jobs saved on its own.
