This brief outlines how the Small Business Administration's long-standing 7(a) loan program can build upon the lessons learned during the COVID-19 pandemic to strengthen its operations and impact.
The authors review the impact of the Paycheck Protection Program (PPP), a government initiative that allowed small businesses to apply for low-interest loans during the COVID-19 pandemic. While the PPP helped cover employment-related expenses and mitigated unemployment for some businesses, it remained inaccessible to others, they conclude.