Basic facts on the coverage of the paycheck protection program

Mark Schweitzer and Angela Guo

Business Economics, 2024, vol. 59, issue 1, No 3, 10-30

Abstract: Abstract This paper applies loan-level information from Paycheck Protection Program loans to analyze the coverage of this extraordinary lending program. Most loans were intended to be forgiven making them effectively grants. 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)
Date: 2024
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Working Paper: Basic Facts on the Coverage of the Paycheck Protection Program (2023)
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DOI: 10.1057/s11369-023-00345-z

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