We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders and is treated as a substitute for conventional equity. At origination, recourse loans have rate spreads that are at least 20 basis points...

I use geocoded data on Paycheck Protection Program (PPP) loans to investigate the spatial distribution of PPP originations. I document three findings. First, half of bank loans come from banks with branches within 2 miles of the borrower. Second, borrowers using a nearby bank get credit sooner,...

I study how bank relationships affected the timing and geographic distribution of Paycheck Protection Program (PPP) lending. Half of banks' PPP loans went to borrowers within 2 miles of a branch, mostly driven by relationship lending. Firms near less active lenders shifted to fintechs and other...