A year after Congress created the Paycheck Protection Program, taxpayers don’t know how many jobs were saved by the nearly $1 trillion in forgivable loans issued to businesses during the pandemic. The PPP was pitched as a way to save millions of jobs threatened during the COVID-19 recession. AdvertisementThe SBA’s initial estimate of 50 million jobs “supported” by the PPP was quickly dismissed as wildly inaccurate. Thousands of businesses, including some that received $10-million PPP loans, reported having preserved no jobs at all with the assistance, according to the SBA. Businesses applying for PPP loans still don’t have to report the number of jobs saved.

Source: Los Angeles Times April 01, 2021 20:10 UTC