Who Benefited from PPP Loans by Fintech Lenders?

Jessica Battisto, Nathan Y. Godin, Claire Kramer Mills and Asani Sarkar
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Claire Kramer Mills: https://www.newyorkfed.org/regional/ckramer

No 20210527c, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In the previous post, we discussed inequalities in access to credit from the Paycheck Protection Program (PPP), showing that, although fintech lenders had a small share of total PPP loan volumes, they provided important support for underserved borrowers. In this post, we ask whether smaller firms received the amount of PPP credit that they requested, and whether loans went to the hardest-hit areas and mitigated job losses. Our results indicate that fintech providers were a key channel in reaching minority-owned firms, the smallest of small businesses, and borrowers most affected by the coronavirus pandemic.

Keywords: small business loans; inequality; Paycheck Protection Program; Fintech (search for similar items in EconPapers)
JEL-codes: E51 G21 I1 I3 (search for similar items in EconPapers)
Date: 2021-05-27
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