Despite Payment Protection Program loans, 14% of businesses still anticipate layoffs

Back when the COVID-19 crisis first hit, it became clear that relief would be needed to mitigate what was quickly becoming an overnight economic crisis that ultimately spurred a full-blown recession. Thankfully, the CARES Act was signed into law fairly quickly, and with it came relief measures like boosted weekly unemployment benefits, stimulus checks, and the Paycheck Protection Program (PPP), the purpose of which was to help small businesses retain staff by providing forgivable loans earmarked for payroll purposes.

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