Jun 9, 2021 - Economy

3. Steven Mnuchin on the PPP's creation, controversies and legacy

Illustration of a PPP loan application with a "no stamp" with a dollar sign on it

Illustration: Sarah Grillo/Axios

As the U.S. economy was staring into the pandemic abyss in March 2020, Congress passed a $2.2 trillion stimulus package that included the Paycheck Protection Program (PPP) to quickly get forgivable loans to small businesses, so they could keep workers on payrolls.

  • We dig into the creation and roll out of the PPP, from the multi-day negotiations and late night phone calls to estimations of how many businesses it helped, with former U.S. Treasury Secretary Steven Mnuchin.
  • Plus, a conversation with Dayna Frank, CEO of Minneapolis music club First Ave.
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