Former Georgia U.S. Sen. Kelly Loeffler has been announced as President-elect Donald Trump’s choice to lead the Small Business Administration. Trump made the announcement Wednesday night on his social media site Truth Social, citing her business background and her help to “secure the Big Election Win in Georgia!”

The U.S. launched the Paycheck Protection Program in April 2020 to save jobs and businesses from the worst effects of the pandemic. Today on the show, a post-mortem on the controversial program and whether it fulfilled its objective. Also, we hear from one company that voluntarily paid back its PPP loan — with interest — even though it could have qualified for forgiveness.

Related episodes:
Could cash payments ease recessions? (Apple / Spotify)
Small banks' corona crunch
The big small business rescue

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.

Isabel Guzman, who leads the Small Business Administration, visited Clark Atlanta University Monday to promote small business resources to students. 

The employees' alleged actions were outside of their work responsibilities and do not involve Wells Fargo's customers, the company said. The bank says it's cooperating with law enforcement.