Minnesota employers got $10.2 billion in emergency pandemic aid
July 7, 2020
From car dealers to construction companies, Minnesota employers hauled in $10.2 billion through the popular Paycheck Protection Program (PPP), ranking the state No. 15 in the U.S., according to data released Monday by the U.S. Small Business Administration.
The program, which is credited with lowering unemployment this spring, helped employers bring back more than 51 million jobs in the U.S. at a time when the economy was crashing. But many employers have been critical of the program, especially retailers and restaurant owners, who say the government essentially pressured them into rehiring furloughed workers at a time when they were still shut down and unable to generate much if any revenue.
Congress has now agreed to extend the program, which was due to expire on June 30, until Aug. 8 to allow business owners a chance to apply for more than $130 billion in remaining funds. Altogether, 4.9 million employers have received a total of $521 billion in relief through the program.