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The Targeting and Impact of Paycheck Protection Program Loans to Small Businesses
Bartik, Alexander W. - 2020
The Paycheck Protection Program (PPP) aimed to quickly deliver hundreds of billions of dollars of loans to small businesses, with the loans administered via private banks. In this paper, we use firm-level data to document the demand and supply of PPP funds. Using an instrumental variables...
Persistent link: https://www.econbiz.de/10012481476
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The 2021 Paycheck Protection Program Reboot : Loan Disbursement to Employer and Nonemployer Businesses in Minority Communities
Fairlie, Robert W.; Fossen, Frank M. - National Bureau of Economic Research - 2022
Was the $278 billion reboot of the $800 billion Paycheck Protection Program (PPP) in early 2021 disbursed equitably to minority communities? This paper provides the first analysis of how PPP funds were disbursed to minority communities in the third and final round of the program, which was...
Persistent link: https://www.econbiz.de/10012938701
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COVID-19 and SME Failures
Gourinchas, Pierre-Olivier - 2020
, Education, and Other Services are among the most affected sectors. The jobs at risk due to COVID-19 related SME business … in the common equity Tier-1 capital ratio. We evaluate the cost and effectiveness of various policy interventions. The … of effectiveness, non-targeted subsidies can be substantially more expensive (1.82% of GDP). Our results have important …
Persistent link: https://www.econbiz.de/10012481180
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Can the Covid Bailouts Save the Economy?
Elenev, Vadim - 2020
The covid-19 crisis has led to a sharp deterioration in firm and bank balance sheets. The government has responded with a massive intervention in corporate credit markets. We study equilibrium dynamics of macroeconomic quantities and prices, and how they are affected by government policy. The...
Persistent link: https://www.econbiz.de/10012481790
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Were Federal COVID Relief Funds for Schools Enough?
Gordon, Nora; Reber, Sarah J. - National Bureau of Economic Research - 2021
Congress responded to the COVID pandemic's disruptions to instruction with unprecedented federal aid for school districts. While this relief has been widely characterized as a major windfall for K-12 education, per-pupil amounts vary considerably across districts, as will the costs districts...
Persistent link: https://www.econbiz.de/10012696379
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Politics and the Distribution of Federal Funds : Evidence from Federal Legislation in Response to COVID-19
Clemens, Jeffrey; Veuger, Stan - National Bureau of Economic Research - 2021
COVID-19 relief legislation offers a unique setting to study how political representation shapes the distribution of federal assistance to state and local governments. We provide evidence of a substantial small-state bias: an additional Senator or Representative per million residents predicts an...
Persistent link: https://www.econbiz.de/10012533424
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Stock Market Stimulus
Greenwood, Robin; Laarits, Toomas; Wurgler, Jeffrey - National Bureau of Economic Research - 2022
We study the stock market effects of the arrival of the three rounds of "stimulus checks" to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of retail-dominated portfolios....
Persistent link: https://www.econbiz.de/10013172127
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Fiscal Stimulus and Commercial Bank Lending Under COVID-19
Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - National Bureau of Economic Research - 2022
We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...
Persistent link: https://www.econbiz.de/10013172181
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Was Pandemic Fiscal Relief Effective Fiscal Stimulus? Evidence from Aid to State and Local Governments
Clemens, Jeffrey; Hoxie, Philip G.; Veuger, Stan - National Bureau of Economic Research - 2022
We use an instrumental-variables estimator reliant on variation in congressional representation to analyze the effects of federal aid to state and local governments across all four major pieces of COVID-19 response legislation. Through September 2021, we estimate that the federal government...
Persistent link: https://www.econbiz.de/10013334387
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Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms
Howell, Sabrina T. - 2020
This paper examines how employee earnings at small firms respond to a cash flow shock in the form of a government R&D grant. We use ranking data on applicant firms, which we link to IRS W2 earnings and other U.S. Census Bureau datasets. In a regression discontinuity design, we find that the...
Persistent link: https://www.econbiz.de/10012479241