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Has the Paycheck Protection Program Succeeded?
Brookings Papers on Economic Activity ( IF 7.914 ) Pub Date : 2021-10-12
Glenn Hubbard, Michael R. Strain

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 increased the employment, financial health, and survival of small businesses, using data from Dun & Bradstreet, Inc. We use event studies and standard difference-in-differences models to estimate the effect of a small business applying for larger PPP loans and of a small business being eligible for PPP based on size. While our findings are informative, we believe it is too early to issue conclusive judgment on PPP's success. We offer lessons for the future from the PPP experience thus far.



中文翻译:

薪资保护计划成功了吗?

薪资保护计划 (PPP) 于 2020 年 3 月 27 日颁布,是应对美国大流行性衰退的最雄心勃勃和最具创意的财政政策。PPP 向员工人数不超过 500 人且满足特定要求的企业提供可免除的贷款(主要是赠款)。在本文中,我们使用来自 Dun & Bradstreet, Inc. 的数据,展示了 PPP 显着提高了小型企业的就业、财务健康和生存的证据。我们使用事件研究和标准差值模型来估计申请较大 PPP 贷款的小企业和根据规模有资格获得 PPP 的小企业。虽然我们的研究结果提供了信息,但我们认为现在就 PPP 的成功做出结论性判断还为时过早。我们从迄今为止的 PPP 经验中为未来提供了教训。

更新日期:2021-10-12
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