Which Industries Received PPP Loans?-Reference-Cited by-同舟云学术

Which Industries Received PPP Loans?

Published:2021-04-01 Issue: Volume: Page:1-8
ISSN:2163-3738
Container-title:Economic Commentary (Federal Reserve Bank of Cleveland)
language:en
Short-container-title:EC (FRB Cleveland)

Author:

Borawski Garrett¹,Schweitzer Mark E.¹^ORCID

Affiliation:

1. Federal Reserve Bank of Cleveland

Abstract

We examine the financial challenges faced by small businesses during the COVID-19 pandemic and estimate the scale of loans provided to small businesses through the Paycheck Protection Program. We find that the program reached businesses throughout the economy, and we estimate that small businesses in most industry sectors received loans equivalent to between 80 percent and 120 percent of 10 weeks of their 2017 payrolls. That said, there are important differences in the distribution of funds across sectors that suggest some businesses had problems accessing loans and that a significant number of firms with more than 500 employees likely used alternative size criteria to qualify for the program.

Publisher

Federal Reserve Bank of Cleveland

Reference5 articles.

1. Greenwood, Robin, Benjamin Iverson, and David Thesmar. 2020. “Sizing Up Corporate Restructuring in the COVID Crisis.” NBER Working Paper No. 28104. https://doi.org/10.3386/w28104.

2. Hubbard, R. Glenn, and Michael R. Strain. 2020. “Has the Paycheck Protection Program Succeeded?” Brookings Papers on Economic Activity, BPEA Conference Drafts. https://doi.org/10.3386/w28032.

3. Federal Reserve Banks. 2020. “Small Business Credit Survey, Report on Employer Firms.” Federal Reserve Banks of Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, St. Louis, and San Francisco. https://www.fedsmallbusiness.org/survey/2020/report-on-employer-firms.

4. Office of the Inspector General. 2021. “Inspection of SBA’s Implementation of the Paycheck Protection Program.” Small Business Administration, Report Number 21-07. https://www.sba.gov/sites/default/files/2021-01/SBA%20OIG%20Report-21-07.pdf?utm_medium=email&utm_source=govdelivery.

5. SHRM. 2020. “Navigating COVID: Impact of the Pandemic on Small Businesses.” Society for Human Resource Management. https://shrm.org/hr-today/trends-and-forecasting/research-and-surveys/documents/shrm%20cv19%20sbo%20research%20presentation%20v1.1.pdf.

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