The Paycheck Protection Program may not have been as effective for small businesses as it was intended to be. The Wall Street Journal reports that 300 companies that received these loans have since filed for bankruptcy.
These companies employ over 23,000 people. Or rather employed. When this loan program was launched, no one knew that it would be the first and last thing that Congress would offer small businesses. Nor did we know that the pandemic would go on for quite so long. While it offered a lifeline for small businesses, for many it was just not enough. The Journal estimates that the amount of government funds offered to now-bankrupt companies is between $228 and $509 million.