Liberty Street Economics: What Drove Racial Disparities in the Paycheck Protection Program?

F E D E R A L   R E S E R V E   B A N K   o f   N E W  Y O R K LIBERTY STREET ECONOMICS   What Drove Racial Disparities in the Paycheck Protection Program?    Sergey Chernenko, Nathan Kaplan, Asani Sarkar, David S. Scharfstein      Numerous studies of the Paycheck Protection Program (PPP), which provided loans to small business during the pandemic, have documented racial disparities in the program. This post uses the Federal Reserve's 2020 Small Business Credit Survey to examine PPP application behavior and approval decisions and to study the strengths and limitations of fintech lenders in enhancing access to credit for minority-owned businesses.    READ MORE

 

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