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Why PPP Fails Small Businesses
The recently passed Coronavirus Aid Relief and Economic Security (CARES) Act includes $349 billion in forgivable loans for small businesses who use the funds to pay payroll costs, utilities, rents, benefits, and some lease payments. While this seems like a lot of money, my calculations conclude that it falls far short of what is needed by the small business community in CT and across the nation, particularly the smallest of small businesses.