The Paycheck Protection Program (PPP) was created under the CARES Act in 2020 to provide small businesses with funds to keep workers on payroll, rehire employees, and cover eligible expenses such as rent, utilities, and mortgage interest during the COVID-19 pandemic.
March 27, 2020
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temporal
Description of the PPP's purpose as a COVID-19 economic relief program enacted under the CARES Act.
Paycheck Protection Program (PPP) loans were guaranteed by the U.S. Small Business Administration (SBA) under the CARES Act.
March 27, 2020
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temporal
Program design feature indicating federal guarantee of PPP loans.