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President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
So far, the Small Business Administration has not made public the list of roughly 4.6 million businesses that have received close to $513 billion in government-backed aid. At least 4 members of ...
To amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes. Pub. L. 116–142 (text) 116-143: June 16, 2020
Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, paying rent to those owners.
More than a million of those forgiven loans were to companies with just one employee, at a cost of $12.8 billion, or an average of $11,497 per job. Government has forgiven nearly $400 billion in ...
The loan program was primarily intended to protect employee pay during the COVID-19 pandemic. The loans were eventually forgiven, and Kelly was scrutinized for receiving the loan while serving as a member of Congress, though he denied any wrongdoing. [11]
To extend the statute of limitations for fraud by borrowers under certain COVID-19 economic injury disaster loan programs of the Small Business Administration, and for other purposes. Pub. L. 117–165 (text), H.R. 7334, 136 Stat. 1363, enacted August 5, 2022: 117-166 August 5, 2022: PPP and Bank Fraud Enforcement Harmonization Act of 2022