In an era of unremitting political gridlock, one of the last truly bipartisan Congressional enactments was the Coronavirus Aid, Relief and Economic Security (CARES) Act passed in March 2020. Within the CARES Act, the Payroll Protection Program (PPP) distributed about $800 billion in 2020 and 2021 to small businesses and their employees to keep them afloat. Thousands of businesses therefore survived that would otherwise have failed.
That’s the good news.
Here’s the bad: In January 2021, the…
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