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Almost a year ago to the day, the Small Business Administration opened the first round of the Paycheck Protection Program, known as the PPP.
The forgivable loan program was designed to encourage employers to keep their employees despite the pandemic shutdown, with loan amounts based on a business’ monthly payroll figures. In just under two weeks, the $350 billion program was depleted of funds.
“My CPA joked that the first round of PPP was like building an airplane while it’s flying in the air without a parachute, hoping you will land in a soft spot,” says Jamaica House owner Carena Ives.
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