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A research team including members from MIT and the Federal Reserve Board assessed the Paycheck Protection Program (PPP) to determine if the initiative was able to keep businesses from closing and people from becoming unemployed.

The longer the pandemic lasts, the greater the jeopardy to many small businesses. A recent report from McKinsey & Company finds that the sectors most affected by the coronavirus and the least financially resilient include 1.7 million small businesses, employ 20 million workers, and earn 12 percent of U.S. business revenue.