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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 bill is referred to as "Phase 3.5" of Congress's coronavirus response. [8] [9] It followed the first three phases: phase one "was an $8.3 billion bill spurring coronavirus vaccine research and development" (the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020), which was signed
It was established as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Donald Trump, in order to help employers during the pandemic. [3] The American Rescue Plan Act of 2021, signed into law by President Joseph Biden, expanded the tax credit to additional employers. [4] [5]
Real estate firms with one worker got $3.9 billion in government-approved Paycheck Protection Program (PPP) loans. But during Covid, the housing market boomed.
The government has forgiven at least $120 million in PPP loans to companies that had higher revenues and earnings during Covid than prior to it.
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.
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]
The data released on Monday included an updated breakdown by industry and showed that through June 30, food and accommodation firms had received just over 8% of the $521 billion in PPP loans made ...