US ends aid program for small businesses

By Agence France-Presse

Jun 03, 2021 1:08 am

NEW YORK: The US government on Tuesday (Wednesday in Manila) closed the books on the Paycheck Protection Program (PPP) that extended a nearly $800-billion lifeline to small businesses to keep them afloat amid the Covid-19 pandemic.

Created by the Cares Act rescue package in March 2020, the PPP emergency aid measure offered low-cost loans to small businesses, which did not have to be repaid if certain conditions were met.

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