WASHINGTON (AP) — President Donald Trump rolled out the Paycheck Protection Program to catapult the U.S. economy into a rapid recovery from the coronavirus pandemic by helping small businesses stay open and their employees working. President Joe Biden changed it to try to direct more of the money to poorer communities and minority-owned businesses.
Today, nearly two years after the program was launched, the question is what taxpayers got for the $800 billion. The Biden administration says its version of the program helped prevent deepening racial inequality, while leading academic research suggests the overall price was high per job saved and most of the benefits accrued to the wealthy.
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