U.S. pandemic aid program saves 51 Million jobs according to Trump administration

08.07.2020 - Evdokimov Roman
U.S. pandemic aid program saves 51 Million jobs according to Trump administration

U.S. President Donald Trump’s administration said on Monday that the small business pandemic aid program worth $660 billion was as a “wild success.” The data showed that 51 Million jobs for America’s small businesses were saved.

The Paycheck Protection Program (PPP), overseen by the Small Business Administration (SBA), was given to small businesses such as hotels, restaurants, professional firms, and construction companies that were severely affected by the economic fallout from the coronavirus pandemic.

According to the Wall Street Journal’s data analysis, more than 90 industry sectors had more than 10,000 firms approved for PPP loans.

“These PPP loans are all about paying employees, so any expansion or increased funding measures were aimed at helping employees of franchisees stay employed. The whole program was designed to keep people off of unemployment,” U.S. House of Representatives’ Communications Director Miranda Dabney said.

 

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