Basic Facts on the Coverage of the Paycheck Protection Program

Angela Guo and Mark Schweitzer

No 23-24, Working Papers from 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.

Keywords: small business lending; credit access; fintech; discrimination (search for similar items in EconPapers)
JEL-codes: G21 J71 L5 R3 (search for similar items in EconPapers)
Pages: 34
Date: 2023-11-07
New Economics Papers: this item is included in nep-ban and nep-lma
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Journal Article: Basic facts on the coverage of the paycheck protection program (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwq:97246

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DOI: 10.26509/frbc-wp-202324

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