Basic Facts on the Coverage of the Paycheck Protection Program-Reference-Cited by-同舟云学术

Basic Facts on the Coverage of the Paycheck Protection Program

Published:2023-11-07 Issue: Volume: Page:
ISSN:2573-7953
Container-title:Working paper (Federal Reserve Bank of Cleveland)
language:
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Author:

Schweitzer Mark E.¹^ORCID,Guo Angela¹^ORCID

Affiliation:

1. Federal Reserve Bank of Cleveland

Abstract

This paper applies loan-level information from Paycheck Protection Program loans to analyze the coverage of this extraordinary lending program. We show that loans went to a large share of small businesses across most industries in the US, especially to industries that were most negatively impacted by COVID-19 stay-at-home orders. We geocode the loans and then identify that 2021 loans were more concentrated in low- and moderate-income communities, along with census tracts where minority residents are a majority of the population. The growth of nonemployer loans and fintech lending in the program were key components of the broadened reach of the program.

Publisher

Federal Reserve Bank of Cleveland

Reference24 articles.

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2. 2. Battisto, Jessica, Nathan Godin, Claire Kramer Mills, and Asani Sarkar. 2021. "Who Received PPP Loans by Fintech Lenders?" Federal Reserve Bank of New York. Liberty Street Economics (blog). May 27, 2021. https://libertystreeteconomics.newyorkfed.org/2021/05/who-received-ppp-loans-by-fintech-lenders/.

3. 3. Berg, Tobias, Andreas Fuster, and Manju Puri. 2021. "Fintech Lending." Working paper 29421. National Bureau of Economic Research. https://doi.org/10.3386/w29421.

4. 4. Board of Governors of the Federal Reserve System. 2021. "Paycheck Protection Program Liquidity Facility Term Sheet." https://www.federalreserve.gov/newsevents/pressreleases/monetary20210625a.htm.

5. 5. Borawski, Garrett, and Mark E. Schweitzer. 2021. "How Well Did PPP Loans Reach Low- and Moderate-Income Communities?" Economic Commentary, no. 2021-13 (May). https://doi.org/10.26509/frbc-ec-202113.