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An Unfiltered Look Back at the Paycheck Protection Program

MBFS explains why a more targeted approach would have improved the program, reducing both fraud and taxpayer waste.

By Mark Ritter | August 18, 2023 at 09:00 AM
Paycheck Protection Program with cash and a mask Credit/Shutterstock.

It’s time to take a walk down memory lane and review the wackiest and wildest loan program ever: The Paycheck Protection Program (PPP). Here, Omar Shute of DFTC, Jeff Lyons of MBFS and I share some of our insights as we analyze the key takeaways and lingering impacts of this program.

The PPP loan program was vulnerable from the start because it was rushed, and there were no clear guidelines. With loose regulations and fintech solutions that leapt ahead without looking, fraud was inevitable. However, credit unions stepped up and did what was necessary to care for small business owners while protecting the taxpayer.

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