Paycheck Protection Program

The Paycheck Protection Program (PPP) was a U.S. government initiative established during the COVID-19 pandemic to help small businesses survive economic challenges. It provided forgivable loans to cover payroll costs, rent, and utilities, allowing businesses to keep their employees on the payroll. The goal was to prevent job losses and support businesses during economic shutdowns. If the funds were used for approved expenses and employees were retained, borrowers could have their loans forgiven, effectively turning them into grants. The PPP aimed to stabilize the economy by preserving employment and helping businesses maintain operations during a critical time.