Paycheck Protection Program (PPP)

The Paycheck Protection Program (PPP) was a financial assistance initiative launched by the U.S. government in 2020 to help small businesses during the COVID-19 pandemic. It provided loans to businesses to cover payroll costs and essential expenses like rent and utilities. These loans were forgivable if businesses maintained their workforce, meaning they wouldn't have to repay the money if they followed certain guidelines. The goal was to prevent job losses and support businesses struggling due to the economic impact of the pandemic, helping to sustain the economy during a challenging time.