The Paycheck Protection Program (PPP) established earlier this year as part of the federal government’s Coronavirus, Aid, Relief and Economic Security (CARES) Act, has provided more than $519 billion to small businesses across the country. Implemented by the Small Business Administration, the aim of the low-interest private loans, which can be forgiven in many cases, was to maintain jobs and stable wages for employees during the coronavirus pandemic.
Recently business.org, an organization that provides tools and services to help small businesses grow, looked at PPP loan data to find out how many jobs were saved by the funding and how each state was affected. The data revealed that 1,472,782 jobs in Georgia were retained as a result of PPP loans to 156,814 small businesses. The total amount of funding businesses in the state received was over $14.5 billion.
Nationally, more than 50 million jobs have been retained, which reflects the program’s effectiveness in a time of high unemployment. View the full business.org report here.
Photo of the U.S. Capitol by Louis Velazquez on Unsplash.