- July 19, 2021
- Posted by: Stratford Team
- Category: Business
Small businesses were hit hard by the pandemic, and the Paycheck Protection Program was key to keeping many afloat, business leaders say.
Of all government aid programs that aimed to help businesses survive the pandemic, the PPP’s forgivable loans were – by far – the best, said Brian Calley, president of the Small Business Association of Michigan.
“It was a lifeline for many, many businesses,” Calley said. “While no program is perfect … they invented a brand new program in the middle of the worst part of the pandemic and deployed resources that made an enormous difference.”
Now, as the program winds to a close, leaders are reflecting on its impact.
The federally funded PPP started just weeks after the pandemic hit and had a second round of funding in 2021. Michigan businesses took advantage.
Nationwide, businesses received nearly 12 million PPP loans adding up to almost $800 billion. Michigan businesses accounted for about 300,000 loans for…