The $500 billion black box

The COVID-19 pandemic has been an acute threat to millions of small businesses. Congress created the Paycheck Protection Program as a lifeline. The program provided loans — equivalent to about two-and-a-half months of payroll — to businesses with 500 employees or less. As long as most of the money was spent on payroll, the loans are forgiven by the government. Thus far, the program has allocated over $500 billion in taxpayer dollars.

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