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1 posts on "Small Business Credit Survey"
July 6, 2022

Did Changes to the Paycheck Protection Program Improve Access for Underserved Firms?

Nathan Kaplan, Claire Kramer Mills, and Asani Sarkar

Photo: African American woman business owner with COVID mask putting up sign for business reopening

Prior research has shown that many small and minority-owned businesses failed to receive Paycheck Protection Program (PPP) loans in 2020. To increase program uptake to underserved firms, several changes were made to the PPP in 2021. Using data from the Federal Reserve Banks’ 2021 Small Business Credit Survey, we argue that these changes were effective in improving program access for nonemployer firms (that is, businesses with no employees other than the owner(s)). The changes may also have encouraged more applications from minority-owned firms, but they do not appear to have reduced disparities in approval rates between white- and minority-owned firms.

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Posted at 7:00 am in COVID-19 Facilities, Credit, Financial Institutions, Pandemic | Permalink

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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