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Paycheck Protection Program Has Helped Save Millions Of Jobs, Study Finds

Small Business Paycheck Protection Program - SEMCA
The New York Times (7/22, Leonhardt) reports that in mid-April, “smaller companies – those with fewer than 500 workers – started rehiring workers more quickly than larger companies.” The article says this may be due to “the economic-rescue plan that the federal government created in March,” which included loans from the Paycheck Protection Program (PPP) “meant to reduce job losses, mostly at companies with fewer than 500 workers.” A new study by researchers at MIT, the Federal Reserve, and the ADP Research Institute suggests that the PPP “saved between 1.5 million and 3.5 million jobs.”

Bloomberg (7/22, Sheehey) reports the “hundreds of billions of dollars” in PPP loans helped save as many as 3.2 million jobs, according to the study.

Business Insider (7/22, Winck) reports that the PPP “also lifted employment at eligible small businesses by 2% to 4.5%, according to the preliminary study.”

Fox Business (7/22, Fordham) reports that in the paper published Tuesday, the researchers wrote, “The evidence to date suggests the PPP was certainly not perfectly targeted in terms of reaching only firms or regions in the most need; even so, it was delivered to a substantial number of small and mid-size firms, many of which were likely facing acute liquidity needs.”

Results from the ADA Health Policy Institute’s polling on how COVID-19 is affecting dental practices can be viewed at