The Fed’s Paycheck Protection Program Gave a Tiny NJ Bank $5.3 Billion – 9 Percent of all the Money It’s Spent Thus Far

The Paycheck Protection Program (PPP) was authorized by Congress under the CARES Act and is being overseen by the Small Business Administration (SBA). The goal of the PPP program is to make 1 percent interest loans to small businesses experiencing hardship from the coronavirus crisis and then forgive the loans if the businesses keep their employees on the payroll.