Purpose

Given the previous research on the disparities of lending rates and their relationship with lending institutions for women-owned and minority-owned businesses, the study poses the research question: How much Paycheck Protection Program (PPP) funding was distributed to women-owned and minority-owned businesses in comparison to other firms? Additionally, as the purpose of the PPP funding was to assist small businesses in retaining their workforce, the authors pose a second research question: Of those who received PPP funding, how many jobs on average were retained? And importantly related to our first research question, are there differences across gender and race in the average number of jobs retained?

Design/methodology/approach

This is one of the first empirical studies with an initial sample size of 661,218 loans from July 2020 that examines whether the United States PPP had the intended impact to save jobs in small businesses and to examine any reported differences across gender and race in loans issued and jobs saved.

Findings

The authors find that significant differences exist between women- and men-owned businesses across all five loan categories, with male-owned firms receiving over 80% of PPP loans. However, women-owned firms saved more jobs on average across all but the largest loan category. Significant differences were also found between minority- and White-owned businesses with minority-owned businesses generally saving more jobs on average across most loan categories.

Research limitations/implications

A limitation of this study pertains to certain missing data that were not reported by participants. While a participant may have included their gender, they may not have included their race. Therefore, the varying sets of data may not be a reflection of the same individuals. Additionally, the industries were not included in this analysis, which may shed light on the job creation differences across gender and race.

Practical implications

Many of the industries that have been significantly impacted have been the tourism, restaurant and hospitality sectors, and knowing “where the money was allocated” can assist policymakers in allocating additional funds to those businesses, especially those who did not receive funding in the initial first waves of PPP.

Originality/value

This is one of the first empirical studies that examine over 600,000 loans and found that women-owned firms saved more jobs across all loan categories except the largest loans. Significant differences were also found between minority- and White-owned businesses with minority-owned businesses generally saving more jobs on average across most loan categories.

中文翻译：

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一分钱一分货？薪资保护计划分布差异

目的

鉴于之前对女性所有和少数族裔企业贷款利率差异及其与贷款机构关系的研究，该研究提出了一个研究问题：有多少薪资保护计划 (PPP) 资金分配给了女性所有制和少数族裔企业？ - 与其他公司相比，拥有的企业？此外，由于 PPP 资金的目的是帮助小企业留住劳动力，作者提出了第二个研究问题：在获得 PPP 资金的人中，平均保留了多少工作？与我们的第一个研究问题重要的是，在保留的工作岗位的平均数量上，性别和种族之间是否存在差异？

设计/方法/方法

这是首批实证研究之一，从 2020 年 7 月开始，初始样本量为 661,218 笔贷款，旨在检查美国 PPP 是否对挽救小企业的就业产生预期影响，并检查所报告的贷款发放和发放的性别和种族差异。作业已保存。

发现

作者发现，在所有五种贷款类别中，女性和男性拥有的企业之间存在显着差异，男性拥有的公司获得了 80% 以上的 PPP 贷款。然而，除了最大的贷款类别外，女性所有的公司平均挽救了更多的工作岗位。少数族裔和白人拥有的企业之间也存在显着差异，少数族裔拥有的企业通常在大多数贷款类别中平均节省更多工作。

研究限制/影响

这项研究的局限性与参与者未报告的某些缺失数据有关。虽然参与者可能已经包括了他们的性别，但他们可能没有包括他们的种族。因此，不同的数据集可能不是同一个人的反映。此外，这些行业不包括在本分析中，这可能揭示了性别和种族之间的就业差异。

实际影响

许多受到重大影响的行业是旅游、餐饮和酒店业，了解“资金分配到哪里”可以帮助政策制定者为这些企业分配额外资金，尤其是那些最初没有获得资金的企业PPP 浪潮。

原创性/价值

这是对超过 600,000 笔贷款进行检查的首批实证研究之一，发现女性拥有的公司在除最大贷款外的所有贷款类别中都挽救了更多工作岗位。少数族裔和白人拥有的企业之间也存在显着差异，少数族裔拥有的企业通常在大多数贷款类别中平均节省更多工作。