PPE program seemed a success, until now

When it comes to our federal government, even when things look like they are working, they probably are not. When the economy turned sour, the federal government came up with a program to help struggling businesses keep their doors open. The Paycheck Protection Program was popular, and a lifeline. The government doled out $525 billion in just a matter of months. If those businesses promised to retain staffing levels, the loans would be considered grants, and forgiven. The program seemed a resounding success, estimated to have saved millions of jobs. But now we’re learning that the seemingly successful program is running into trouble. Businesses are trying to submit the paperwork indicating they retained their staffing levels so their loans can be forgiven. Banks which loaned them the money don’t know what to tell them because they have gotten little or conflicting guidance from the Small Business Administration and Department of Treasury. Of the tens of thousands of applications submitted for forgiveness, none have been approved or denied. The banks are still holding the bag, and small businesses want their case to be closed. As Congress considers possibly restarting the PPE program, it first better figure out just how it can ensure the first installment works effectively.