U.S. Small Business Receives a Boost, Gut Punch and Some Hope

Former Global Chief Economist for JPMorgan Chase & Ph.D in Economics

Many small firms with revenues of less than $20 million per year received an infusion of cash from the PPP (Paycheck Protection Program) in 2020 and 2021.   Those grants supported the net income of many of these firms during the pandemic.  But as the program ended in mid-2021, many of these firms had to deal with the negative headwinds of contractions o…