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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 …
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into account the factual Paycheck Protection Program (PPP) as a specific grant policy. We find that the policy has only a …
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