| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28032 |
| 来源ID | Working Paper 28032 |
| Has the Paycheck Protection Program Succeeded? | |
| R. Glenn Hubbard; Michael R. Strain | |
| 发表日期 | 2020-11-02 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | 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 the Dun & Bradstreet Corporation. We use event studies and standard difference-in-difference 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. |
| 主题 | Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Public Economics ; Taxation ; COVID-19 |
| URL | https://www.nber.org/papers/w28032 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585705 |
| 推荐引用方式 GB/T 7714 | R. Glenn Hubbard,Michael R. Strain. Has the Paycheck Protection Program Succeeded?. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28032.pdf（806KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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