Design flaws in Covid relief package cost millions of jobs – Fed paper
Delay to paycheck protection programme had “very substantial” impact, economists argue
The US paycheck protection programme (PPP) could have saved millions more jobs and been more cost effective if it was deployed faster and designed better, Federal Reserve research finds.
The PPP provided funding for loans to small businesses to help them keep workers on their payrolls. It was rolled out in early April 2020, near the peak of the Covid market crisis in the US, but saw such high demand that funds ran out in the space of two weeks. Congress approved more funding, but there was a 10
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