The Paycheck Protection Program (PPP), part of the original federal stimulus package, the CARES Act, was meant to keep workers on the job and small businesses alive during a time of financial uncertainty. But did it work? The answer to that may be unclear, but nearly all the loans - over 80% - have been forgiven.
We can make New Year’s Resolutions for other people, right? Because I’m about to make some for the good people across the country who will continue spending about $500 billion in CARES Act and American Rescue Plan Act (ARPA) money, well into 2022.
Since stimulus funds started going out, Good Jobs First and other open government advocates have been pushing for greater transparency and accountability for how trillions in CARES Act and ARPA funds are being spent. Some states, we’ve noted, have made questionable if not outright poor choices.
In addition to aid like unemployment insurance and business loans, Uncle Sam is disbursing hundreds of billions to help the economy recover from impacts caused by a global pandemic and widespread economic shutdown. The Delta variant has sparked renewed hardships.