Not very PPProgressive: Lessons learned from PPP loans that went mostly to the rich

As the pandemic forced widespread closures in 2020, federal policymakers were staring down a torrent of job losses. Millions of workers were being laid off from businesses large and small, and millions more would lose their jobs with every passing week, causing indelible long-term damage to their financial picture and the whole economy unless the government acted. So, in addition to direct cash relief, the government correctly set up the Paycheck Protection Program, a system created to provide employers low-interest and easily forgivable loans that could be used to retain workers. It was large...