Hubbard, R. Glenn; Strain, Michael R. - 2020
Enacted March 27, 2020, the Paycheck Protection Program (PPP) was the most ambitious and creative fiscal policy … response to the Pandemic Recession in the United States. PPP offers forgivable loans - essentially grants - to businesses with … 500 or fewer employees that meet certain requirements. In this paper, we present evidence that PPP has substantially …