Ken Klein, OAAA EVP, Government Affairs passed along the following item from the Washington Post.

After a rocky start, the federal government’s small business Paycheck Protection Program (PPP) is looking like a measured success. The U.S. economy buckled in March and April amid the coronavirus pandemic, but it appeared to regain some of its footing in May, adding 2.5 million jobs. The economy remains extremely weak, with a high unemployment rate and a surge in Americans seeking assistance. Many economists say conditions will remain shaky for at least another year. However, they also say things would be even worse without the giant corporate loan forgiveness program, which Sen. Marco Rubio (R-FL) shepherded through Congress and then helped defend during chaotic weeks of implementation.

Insider’s Take: Agree with the comment. But most large banks did not show well as they focused on their large customers rather than small business. Will also depend on how well and easily we move through the Forgiveness phase. Congress still must confirm that expenses paid with PPP proceeds are deductible for tax purposes.

What do you think about the effectiveness of the Payroll Protection Program and how it’s impact on your business?  Let us know by passing your thoughts in the comment box below.

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