Which Industries Received PPP Loans?

Garrett Borawski and Mark Schweitzer

Economic Commentary, 2021, vol. 2021, issue 08, 8

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.

Keywords: COVID-19 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.26509/frbc-ec-210108

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