Paycheck Protection Program: Borrower Application Form Revised January 8, 2021-2025

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The PPP was a very large and very timely fiscal-policy intervention, saving about 3 million jobs at its peak in the second quarter of 2020 and distributing $800 billion well within two years of the onset of the COVID-19 crisis.
you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC. You are also eligible for a PPP loan if you are an individual who operates under a sole proprietorship or as an independent contractor or eligible self employed individual, you were in operation on February 15, 2020.
President Trump signed the bill into law on July 3. As of June 27, $519 billion had been allocated to PPP loans, and $140 billion remained available. On March 30, 2021, President Biden signed a bill to extend the deadline to apply for a PPP loan to May 31, 2021.
During the pandemic nearly $800 billion was spent to retain U.S. workers through the Paycheck Protection Program (PPP). The PPP funded small business loans that were fully forgiven if businesses spent a sufficient share on payroll costs. As with any business-level subsidy or tax, the distributional impact is opaque.
The Small Business Administration (SBA) is no longer accepting Paycheck Protection Program (PPP) loan applications.

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The U.S. Small Business Administration implements the program. The deadline to apply for a PPP loan was March 31, 2021. Some economists have found that the PPP did not save as many jobs as purported and aided too many businesses that were not at risk of going under.
One such study conducted by the US Bureau of Labor Statistics showed an 8% increase in employment, 11.5% increase in wages, and a 5.8% decline in the likelihood of closure within one month of PPP approval. The Bipartisan Policy Center emphasized that studies showed that the PPPs impact extended beyond the businesses

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