August 10, 2020
The Latest Data on the Paycheck Protection Program
The Paycheck Protection Program (PPP) expired for the second time on Saturday, August 8th. Despite some criticisms, the PPP has almost singlehandedly kept the economy afloat by providing loans to businesses that allow them to keep their workforce employed. Nevertheless, as of the latest data, $128 billion remained unallocated of the allocated $659 billion.
AAF’s Director of Financial Services Policy Thomas Wade is following the latest developments in the PPP. Regarding the future of the program, he says:
“For the program to be reopened and the remaining funds to be spent, some changes must be made, with the most likely course of action at this time being changing the program to allow companies to apply for a second loan.”