The Paycheck Protection Program (PPP) was a new Small Business Administration (SBA) loan program created by the CARES Act to help small businesses keep their workers on payroll. The program provided a total of $798.7 billion to 11.7 million businesses, keeping around 90 million jobs on payroll.
When the pandemic hit, broadband access became crucial for keeping Americans safe and connected. Households relied heavily on home internet for online school, work, and medical appointments. The sudden shift highlighted the glaring inequality in home internet availability to underserved communities.
More than 11.5 million Paycheck Protection Program (PPP) loans were issued as of October 2, 2022, with 649 borrowers receiving the maximum loan amount of $10 million.
The $350 billion Coronavirus State and Local Fiscal Recovery Fund (SLFRF) included in the American Rescue Plan provides direct payments to eligible state, local, territory, and Tribal governments for local pandemic response efforts. These payments are in addition to the $150 billion distributed in March 2020 from the CARES Act.
In short, prime recipients receive money directly from the federal government. The prime recipients may then pay some of the money they received to other entities for goods or services. These entities are sub-recipients.
Between February 24 and March 9, 2021, only small businesses and non-profits with fewer than twenty employees could apply for Paycheck Protection Program (PPP) loans. Our data shows more than 436,438 loans totaling $13.8 billion were approved during that two-week window.
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Millions of Americans have struggled to pay rent during the pandemic, and now face the possibility of eviction. To help meet this need, Congress created the Emergency Rental Assistance program in December 2020, making $24 billion available to state and local governments to help households pay rent or utilities.