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What is the Paycheck Protection Program? Everything you need to know | S1, E4

The Paycheck Protection Program loans are designed to provide some relief for small businesses impacted by the coronavirus pandemic.
Credit: 12 News

PHOENIX — These last several months have been confusing – and the news is coming at us faster than ever.

That is why 12 News is bringing you “Everything you need to know about _______"  podcast.                    

An in-depth podcast with I-Team executive producer Katie Wilcox and the team of dedicated reporters bringing the biggest stories of the day into focus. For this week's podcast, Wilcox sits down with Team 12's Joe Dana to discuss the Paycheck Protection Program.

As the nation shut down to slow the spread of the coronavirus, Congress stepped up to quickly release cash to businesses on the brink of disaster. As part of a multi-trillion-dollar stimulus plan known as the CARES Act, Congress allocated at least $500 billion to businesses under the Paycheck Protection Program.

Immediately, desperate small businesses raised concerns about the program, originally sold to voters as a lifeline for small businesses – but some restaurants, salons and nonprofits said they didn’t get a fair shot at the loans.

As the program continued, advocates for small businesses and government transparency demanded to know what businesses received the loans and why. In July, the Treasury Department released some information about businesses that received large loans – ranging from $150,000 to $10 million. The 12 News I-Team analyzed the data and spoke to businesses large and small about the Covid-19 cash bailouts.

This is Everything You Need to Know About the Paycheck Protection Program.

Watch this week's episode below:

Stay tuned next week for another new episode the Everything You Need to Know About podcast.