Paycheck Protection Program
E821927
The Paycheck Protection Program was a U.S. federal loan initiative created during the COVID-19 pandemic to help small businesses keep workers employed by providing forgivable loans for payroll and certain other expenses.
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
COVID-19 pandemic relief program
ⓘ
United States federal loan program ⓘ |
| administeredBy | U.S. Small Business Administration NERFINISHED ⓘ |
| alsoKnownAs | PPP NERFINISHED ⓘ |
| complianceRequirement | documentation of payroll and eligible expenses for forgiveness ⓘ |
| controversy |
fraudulent loan applications and misuse of funds
ⓘ
loans to large or publicly traded companies ⓘ uneven access for very small and minority-owned businesses ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| createdByStatute |
CARES Act
NERFINISHED
ⓘ
Coronavirus Aid, Relief, and Economic Security Act NERFINISHED ⓘ |
| eligibilityCriterion |
businesses generally with 500 or fewer employees
ⓘ
demonstrated impact from COVID-19 pandemic ⓘ |
| endOfNewLoans | 2021-05 ⓘ |
| firstRoundFundingDepletion | 2020-04 GENERATED ⓘ |
| fundingSource | federal appropriations under CARES Act and subsequent legislation ⓘ |
| historicalSignificance | one of the largest small-business relief programs in U.S. history ⓘ |
| implementedDuring | COVID-19 pandemic ⓘ |
| implementedThrough |
banks and credit unions
ⓘ
participating private lenders ⓘ |
| inception | 2020-03 ⓘ |
| legalForm | federally guaranteed loan program ⓘ |
| legislativeBody | United States Congress ⓘ |
| loanFeature |
interest rate capped by statute
ⓘ
loan forgiveness available if funds used for eligible expenses ⓘ loans are 100 percent federally guaranteed ⓘ no collateral required ⓘ no personal guarantee required ⓘ |
| loanUseRestriction | at least a specified percentage of funds must be used for payroll costs to qualify for full forgiveness ⓘ |
| notableAmendment | Paycheck Protection Program Flexibility Act of 2020 NERFINISHED ⓘ |
| notableAmendmentEffect |
adjusted payroll cost percentage required for forgiveness
ⓘ
extended covered period for use of funds ⓘ extended loan maturity for new loans ⓘ |
| oversightBy | U.S. Department of the Treasury NERFINISHED ⓘ |
| purpose |
to cover certain non-payroll expenses such as rent, utilities, and mortgage interest
ⓘ
to help small businesses maintain payroll during the COVID-19 pandemic ⓘ to provide forgivable loans for payroll costs ⓘ |
| regulator | U.S. Small Business Administration NERFINISHED ⓘ |
| relatedEvent | United States economic response to the COVID-19 pandemic NERFINISHED ⓘ |
| relatedProgram |
Economic Injury Disaster Loan program
NERFINISHED
ⓘ
Restaurant Revitalization Fund NERFINISHED ⓘ |
| sector | small business finance ⓘ |
| signedIntoLawBy | Donald Trump NERFINISHED ⓘ |
| subsequentFundingLegislation |
Consolidated Appropriations Act, 2021
NERFINISHED
ⓘ
Paycheck Protection Program and Health Care Enhancement Act NERFINISHED ⓘ |
| targetPopulation |
eligible nonprofits
ⓘ
independent contractors ⓘ self-employed individuals ⓘ small businesses ⓘ |
| totalAuthorizedFunding | hundreds of billions of U.S. dollars ⓘ |
Referenced by (3)
Full triples — surface form annotated when it differs from this entity's canonical label.
Coronavirus Aid, Relief, and Economic Security Act
→
containsProvision
→
Paycheck Protection Program
ⓘ
CARES Act supplemental COVID-19 relief provisions in Consolidated Appropriations Act, 2021
→
extendsProgram
→
Paycheck Protection Program
ⓘ
Paycheck Protection Program and Health Care Enhancement Act
→
fundsProgram
→
Paycheck Protection Program
ⓘ