Search below to see businesses in your community that received money from the Paycheck Protection Program meant to keep Americans employed during the pandemic. The program has been popular but also controversial.
The Paycheck Protection Program is the centerpiece of the federal government’s plan to rescue an economy devastated by shutdowns and uncertainty. The program, which helps smaller businesses stay open and keep Americans employed during the pandemic, has been both popular and controversial.
Demand was so great that a first infusion of $349 billion ran out in just two weeks. Many businesses couldn’t navigate the application process rapidly enough to get one of those first loans before funding dried up. Meanwhile, several hundred companies traded on stock exchanges -- hardly the image of a small business -- received loans maxing out at $10 million each, causing a public backlash and leading dozens to return the money.
And the public may never know the identity of more than 85% of the nearly 5 million beneficiaries to date because the administration has refused to release details on loans under $150,000 -- the vast majority of borrowers. That secrecy spurred an open-records lawsuit by a group of news organizations, including The Associated Press.
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