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

The Paycheck Protection Program (PPP) was a large and unprecedented small-business support program that allocated $800 … empirical application of our model, we estimate the PPP's effectiveness and compare it with alternative policies. A policy …

We assess the role of banks in the Paycheck Protection Program (PPP), a large and unprecedented smallbusiness support … program instituted as a response to the COVID-19 crisis in the United States. In 2020, the PPP administered more than $525 … heterogeneity in the allocation of PPP loans. Firms that were larger and less affected by the COVID-19 crisis received loans earlier …

Program (PPP), which was designed to support small business jobs during the COVID-19 pandemic. PPP loans were administered by … lending by race. We document that even after controlling for a firm's zip code, industry, loan size, PPP approval date, and … other characteristics, Black-owned businesses were 12.1 percentage points (70% of the mean) more likely to obtain their PPP …