This paper provides a comprehensive assessment of financial intermediation and the economic effects of the Paycheck Protection Program (PPP), a large and novel small business support program that was part of the initial policy response to the COVID-19 pandemic in the US. We use loan-level...

This paper provides a comprehensive assessment of financial intermediation and the economic effects of the Paycheck Protection Program (PPP), a large and novel small business support program that was part of the initial policy response to the COVID-19 pandemic in the US. We use loan-level...

This paper takes an early look at the Paycheck Protection Program (PPP), a large and novel small business support program that was part of the initial policy response to the COVID-19 pandemic. We use new data on the distribution of the first round of PPP loans and high-frequency micro-level...

New technology promises to expand the supply of financial services to borrowers poorly served by the banking system. Does it succeed? We study the response of FinTech to financial services demand created by the introduction of the Paycheck Protection Program (PPP). We find that FinTech is...

We use Norwegian administrative data and applications for emergency government support to simulate magnitude and distribution of business revenue shock due to the Covid-19 pandemic. We rely on it to analyze the impact of business support policies available in Norway and the United States by...

We study the short-term causal effect of the Paycheck Protection Program on unemployment. Using the 2019 density of Small Business Administration member bank offices in a county as an instrument for PPP loans originated in that county during April 2020, we find statistically and economically...