The Paycheck Protection Program Launched – What Have We Learned So Far?

Last Friday, April 3^rd, the Paycheck Protection Program (PPP), a $349 billion loan program created under the CARES Act and administered by the U.S. Small Business Administration, launched. Under the program, participating banks and financial institutions are tasked with taking and evaluating applications from applicants and providing loans to approved entities. Considering the fact that a program designed to award billions of dollars in forgivable loans went from creation to launch in a week, it's no surprise that its launch on Friday was rocky. While banks are struggling to process PPP loans fast enough, Congress has already announced its intention to increase the program by at least an additional $250 billion due to overwhelming demand.