Payroll Support Program

The Payroll Support Program (PSP) was a government initiative designed to help businesses maintain their workforce during economic downturns, particularly during the COVID-19 pandemic. It provided financial assistance in the form of grants and loans to eligible companies, allowing them to keep employees on payroll rather than laying them off. This support helped stabilize the economy by ensuring more people remained employed and could continue to support their families, thus fostering consumer spending and aiding in the recovery of affected industries. The program aimed to minimize unemployment and preserve the employer-employee relationship during challenging times.