PPP

An NPR analysis of data released Jan. 8 by the Small Business Administration shows the vast majority of Paycheck Protection Program loans have been forgiven, despite rampant fraud in the program.

How the Paycheck Protection Program went from good intentions to a huge free-for-all

1:04pm January 09, 2023

An NPR analysis of data released by the Small Business Administration shows the vast majority of Paycheck Protection Program loans have been forgiven, even though the program was rampant with fraud.

The Department of Justice building in Washington on February 9, 2022.

National

A Florida man is accused of $2.5 million COVID-19 relief fraud

5:00am June 09, 2022

by Shauneen Miranda

A 34-year-old man was charged with one count of wire fraud after being accused of filing a fraudulent loan application in 2020.

A closed sign is displayed in the window of a business in a nearly deserted lower Manhattan on April 17, 2020, in New York. Many small businesses benefited from a government emergency loan program during the pandemic, but its effectiveness is still in dou

Did Emergency PPP Loans Work? Nearly $800 Billion Later, We Still Don't Know

10:20am April 27, 2021

by Scott Horsley

The Paycheck Protection Program, which provided emergency loans to small businesses amid the pandemic, will wind down soon. Economists are divided on whether it saved enough jobs to justify its cost.

President Trump, pictured June 5, signs a bill extending the time period for businesses to use funds from the Paycheck Protection Program. On Saturday he signed a bill extending the deadline to apply for the program.

National

Trump Signs Small Business Loan Program Extension

6:31pm July 04, 2020

by Matthew S. Schwartz

The Paycheck Protection Program, enacted to help small businesses dealing with the coronavirus pandemic, had expired Tuesday. With Trump's signature Saturday, the new deadline to apply is Aug. 8.

Treasury Secretary Steven Mnuchin gestures toward Federal Reserve Board Chairman Jerome Powell, as they appear before a House Committee on Financial Services hearing on oversight of the Treasury Department and Federal Reserve pandemic response, on Tuesday

House Follows Senate In Passing Extension Of COVID-19 Business Loans

7:37pm July 01, 2020

by Scott Neuman

The Paycheck Protection Program, part of the $3 trillion pandemic response package passed by Congress in March, has been extended to Aug. 8.

In letters obtained by NPR, the Small Business Administration informs local Planned Parenthood affiliates that they are ineligible for loans received through the Paycheck Protection Program because of rules intended to limit the funds to small businesses

Trump Administration To Planned Parenthood: Return Coronavirus Relief Funds

5:11pm May 21, 2020

by Sarah McCammon

The Small Business Administration is asking local Planned Parenthood affiliates to return funds received under a coronavirus relief program.

Rosemary Ugboajah (at front) with her company's leadership team, Alan Tse and Sheri Ellis.

Economy

Minority-Owned Small Businesses Were Supposed To Get Priority. They May Not Have

6:24am May 12, 2020

by Danielle Kurtzleben

The CARES Act required the Small Business Administration to tell banks to prioritize underserved communities for coronavirus relief loans. That didn't happen, a new inspector general's report found.

Restaurants Continue To Struggle, Even With Federal Loans

4:33pm May 07, 2020

by Keri Brown

Small businesses across North Carolina have applied for federal loans to help stay open during the coronavirus pandemic.

Signs are displayed in the window of a store in Grosse Pointe Woods, Mich. The Paycheck Protection Program, aimed at helping small businesses survive the coronavirus crisis, has been beset by problems.

Economy

Here's How The Small Business Loan Program Went Wrong In Just 4 Weeks

12:11pm May 04, 2020

Not-so-small companies like Shake Shack and organizations like the LA Lakers were able to get loans that were meant for suffering small businesses. What happened?

Christian Piatt, co-owner of the Brew Drinkery in Granbury, Texas, was forced to close his brewery's doors due to the coronavirus less than two months after he opened.

Economy

Small Businesses Say Rescue Loans Come With Too Many Strings Attached

10:14am April 28, 2020

by Danielle Kurtzleben

Business owners lucky enough to get the federal rescue funds are wrestling with paying their employees, even when their doors are closed.

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