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Working Paper

Basic Facts on the Coverage of the Paycheck Protection Program

This paper applies loan-level information from Paycheck Protection Program loans to analyze the coverage of this extraordinary lending program. We show that loans went to a large share of small businesses across most industries in the US, especially to industries that were most negatively impacted by COVID-19 stay-at-home orders. We geocode the loans and then identify that 2021 loans were more concentrated in low- and moderate-income communities, along with census tracts where minority residents are a majority of the population. The growth of nonemployer loans and fintech lending in the program were key components of the broadened reach of the program.

Suggested Citation

Schweitzer, Mark E., and Angela Guo. 2023. “Basic Facts on the Coverage of the Paycheck Protection Program.” Federal Reserve Bank of Cleveland, Working Paper No. 23-24.