DJ 33 1/3

DJ 33 1/3

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PPP Loans Saved Millions Of Jobs This Year

The PPP loans meant to keep workers employed saved 3.3 million

jobs in Florida.

PPP, was part of a massive $2 trillion relief bill that was designed as a forgivable government loan to small businesses, allowing businesses who employ 500 employees or fewer to have payroll and business expenses covered by the federal government.

The program saved jobs in Florida as the total spent on PPP was $31.93 billion.

In Miami-Dade, Broward and Monroe counties, the program saved about 1 million jobs. In total, 423,134 loans were granted to Florida-based entities.

The rapid application and approval process also made PPP loans an easy vehicle for fraud.

One Miami based businessman received $3.9 million in PPP loans was arrested after purchasing a $300,000 Lamborghini Huracan Evo with taxpayer money.

The program is currently closed as Congress and the White House decided not to pass an additional round of coronavirus relief during the fall.

Photos by Getty Images

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