An outside study suggests that the program — commonly known as PPP — was troublingly expensive per job saved and the payments mostly benefitted the more affluent.
WASHINGTON — President Donald Trump rolled out the Paycheck Protection Program to catapult the U.S. economy into a quick recovery from the coronavirus pandemic by helping small businesses stay open and their employees working. President Joe Biden tweaked it to try to direct more of the money to poorer communities and minority-owned companies.
However, an outside study suggests that the program — commonly known as PPP — was troublingly expensive per job saved and the payments mostly benefitted business owners who were best prepared to weather the pandemic. On the whole, the study implies that just 23% to 34% of PPP dollars went to workers who would have lost jobs, at a cost of as much as $258,000 per job retained.
"The U.S. has instead 'starved the beast,'" Autor said."The result is not less government. It's simply less effective government." The program enjoyed bipartisan support and the treasury secretary at the time, Steven Mnuchin, told a congressional committee in September 2020 that the payments had supported 50 million jobs. Yet as he pushed for additional aid, Mnuchin said the most important thing during the pandemic was to provide aid"quickly."
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