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2021年12月
The 新型冠状病毒肺炎。 pandemic has been a widespread and prolonged disruption to life in the U.S. 自2020年3月13日宣布全国进入紧急状态以来. Small businesses saw substantial revenue declines in the initial months. 费用也相应下降, reflecting lower revenues as well as efforts to preserve liquidity. The signature program for small businesses was the Paycheck Protection Program (PPP), 从2020年到2021年，到2011年，它们分配了近8000亿美元.全国小企业贷款800万美元. Our research brief offers insights about two features of the PPP: the large number of relatively small loans and the duration of what was initially short-term relief.
We analyzed the magnitude and duration of any effects the PPP had on business operating activity, 以费用来衡量. 我们的研究结果揭示了小额贷款的影响, 相比之下，其他研究关注的是超过150美元的贷款,000. Nearly 69 percent of PPP loans in 2020 and 87 percent of those in 2021 were $50,000 or less. 我们在收到PPP资金时发现了这一点, small business expenses increased by over 40 percent relative to a control group, 四个月后效果显著但逐渐减弱.
We also found that the effects were larger among the smallest firms, perhaps because they were more liquidity constrained than larger ones. This research will help policymakers evaluate the large fiscal expenditure required to support the program and provide insight to the design considerations of future relief programs. 点击这里阅读更多.
主要结论:
发现1: 收到PPP后, small business expenses increased by over 40 percent relative to a comparison group, 四个月后效果显著但逐渐减弱.
发现2: The impact of PPP loans on expenses was largest in April and May 2020, 当时小企业的开支特别低迷.
发现3: The smallest firms experienced larger spending effects upon loan receipt, perhaps because they were more liquidity constrained than larger firms.
找到4: 餐馆可能使用PPP贷款收益来预付费用.
We thank Nicholas Tremper and Noah Forougi for their hard work and vital contributions to this research. Additionally, we thank Emily Rapp and Robert Caldwell for their support. 我们感谢我们的内部合作伙伴和同事, 谁以各种方式支持我们的议程, 并感谢他们对每个和所有版本的贡献.
我们要感谢澳博官方网站app的首席执行官杰米·戴蒙 & Co., for his vision and leadership in establishing the 研究所 and enabling the ongoing research agenda. 我们仍然深深感激迪米特里奥斯·马兰提斯, 企业责任主管, 希瑟Higginbottom, 研究主管 & 政策, and others across the firm for the resources and support to pioneer a new approach to contribute to global economic analysis and insight.
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小麦，克里斯和芝·麦克. 2021. “Did the Paycheck Protection Program Support 小型企业 Activity?澳博官方网站app研究所. http://xhypp2rj.blogbharti.com/institute/research/small-business/did-ppp-support-small-business-activity.
