WASHINGTON, D.C. (WJTV) – On Tuesday, the U.S. Small Business Administrator Isabella Casillas Guzman issued a statement on the closure of the Paycheck Protection Program (PPP).
SBA released the following statement:
The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-generation economic crisis. I’ve heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees — and gave them hope,” said SBA Administrator Isabella Casillas Guzman. “At the same time, millions of underserved businesses – particularly our smallest businesses and those owned by women and people of color – were left out of early rounds of relief. I’m proud of the work we did to begin to rectify these inequities — in 2021, 96% of PPP loans went to small businesses with fewer than 20 employees. Moving forward, we will continue to prioritize equity in all SBA’s programs and services.”U.S. Small Business Administrator Isabella Casillas Guzman
The Paycheck Protection Program, among the first COVID-19 economic disaster relief programs to provide emergency funds to small businesses affected by the pandemic, has played a historic role in America’s recovery.