The PPP: 1 year, $750 billion, and a 'Herculean' effort

INC. THIS MORNING The PPP: 1 year, $750 billion, and a 'Herculean' effort Good morning, In March 2020, a small handful of Small Business Administration staffers set up shop in a makeshift operations center. Coffee, candy, and chips kept them energized, as the sleep-deprived crew tried to save small businesses across America. “Those Costco runs were lifesavers,” Bill Briggs, who most recently served as the acting associate administrator for the SBA’s Office of Capital Access, tells Inc. Briggs oversaw the launch of the current round of the Paycheck Protection Program and served as the SBA’s liaison to financial institutions. A year ago, he notes, he and everyone else working through the relentless conference calls and thousands of emails to launch the PPP had no idea whether their rescue attempts would be successful. On April 3, 2020, the program’s first day, the team waited with bated breath even as it expected a bumpy start to the “historic, Herculean effort,” Briggs says. And indeed, the glitches were many. To the outside world, it appeared to be a mess. Yet as the weeks elapsed, the program stabilized. Today, it has processed almost 9 million forgivable loans worth nearly $750 billion. Read our story to [learn what it was like, in Briggs’s own words, to get the PPP off the ground]( how far it’s come in the year since. SPONSORED CONTENT [See the #1 Expense Management Software- Get $50.]( Divvy has combined seamless expense management software with the world’s smartest business card. Easily get the cashflow you need--with no fees, flexible rewards, plus expense management software to manage it all. Have 21+ employees? [They will pay you $50 to check it out](. HERE'S WHAT ELSE I'M READING TODAY: The Small Business Association’s launch of the $16 billion Shuttered Venue Operators Grant program was “[a disaster at best,]( founders say. --Inc. [Vaccine passport technology]( is emerging. So are concerns about privacy, security, and other issues. --Inc. U.S. small-business closures are approaching their pandemic peaks again, [according to a new report](. --CNBC Related: [Jobless claims]( also are on the rise again. That doesn’t mean the economic recovery is doomed. --CNN From meeting investors to acquiring new skills, here’s [how to grow your business on Clubhouse](. --Inc. ONE MORE THING: Your company’s values don’t matter if you can’t effectively communicate them. [These six tips]( can help. --Inc. --Cameron Albert-Deitch Reporter, Inc. How are we doing? Send me ideas and feedback at [calbertdeitch@inc.com](mailto:calbertdeitch@inc.com?subject=), and [sign up for daily text messages]( from me. Become an [Inc. Unlimited subscriber](. [Click here]( to forward to a friend. This email was sent by: Mansueto Ventures 7 World Trade Center, 29th Floor New York, NY, 10007, [Unsubscribe]( • [Update Profile]( • [View in Browser]( • [Privacy Policy](