Search Results

Showing results 1 to 6 of approximately 6.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:PPP 

Working Paper
The Effect of the PPPLF on PPP Lending by Commercial Banks

We analyze whether the Federal Reserve's Paycheck Protection Program Liquidity Facility (PPPLF) was successful in bolstering the ability of commercial banks to provide credit to small businesses under the Small Business Administration's Paycheck Protection Program (PPP). Using an instrumental variables approach, we find a causal effect of the facility boosting PPP lending. On average, commercial banks that used the PPPLF extended over twice as many PPP loans, relative to their total assets, as banks that did not use the PPPLF. Our instrument is a measure of banks' familiarity with the ...
Finance and Economics Discussion Series , Paper 2021-030

Report
COVID Response: The Paycheck Protection Program Liquidity Facility

To bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP), the Federal Reserve, with the backing of the Secretary of the Treasury, established the Paycheck Protection Program Liquidity Facility (PPPLF). The facility was intended to supply liquidity to financial institutions participating in the PPP and thereby provide relief to small businesses and help them maintain payroll. In this article, we lay out the background and rationale for the creation of the facility, cover the salient features of the PPP and the PPPLF, and analyze the facility’s ...
Staff Reports , Paper 978

Working Paper
A Tale of Two Bailouts: Effects of TARP and PPP on Subprime Consumer Debt

High levels of subprime consumer debt can create social problems. We test the effects of the Troubled Asset Relief Program (TARP) and Paycheck Protection Program (PPP) bailouts during the Global Financial Crisis and COVID-19 crisis, respectively, on this debt. We use over 11 million credit bureau observations of individual consumer debt combined with banking, bailout, and local market data. We find that subprime consumers with more TARP institutions in their markets had significantly increased debt burdens following these bailouts. In contrast, PPP bailouts were associated with reduced ...
Working Papers , Paper 21-32

Speech
The Federal Reserve’s Recent Actions to Support the Flow of Credit to Households and Businesses

Remarks before the Foreign Exchange Committee, Federal Reserve Bank of New York, New York City.
Speech

Working Paper
Across the Universe: Policy Support for Employment and Revenue in the Pandemic Recession

Using data from 14 government sources, we develop comprehensive estimates of U.S. economic activity by sector, legal form of organization, and firm size to characterize how four government direct lending programs—the Paycheck Protection Program, the Main Street Lending Program, the Corporate Credit Facilities, and the Municipal Lending Facilities—relate to these classes of economic activity in the United States. The classes targeted by these programs are vast—accounting for 97 percent of total U.S. employment—though entityspecific financial criteria limit coverage within specific ...
Finance and Economics Discussion Series , Paper 2020-099r1

Working Paper
Across the Universe: Policy Support for Employment and Revenue in the Pandemic Recession

Using data from 14 government sources, we develop comprehensive estimates of U.S. economic activity by sector, legal form of organization, and firm size to characterize how four government direct lending programs—the Paycheck Protection Program, the Main Street Lending Program, the Corporate Credit Facilities, and the Municipal Lending Facilities—relate to these classes of economic activity in the United States. The classes targeted by these programs are vast—accounting for 97 percent of total U.S. employment—though entityspecific financial criteria limit coverage within specific ...
Finance and Economics Discussion Series , Paper 2020-099

FILTER BY year

FILTER BY Content Type

Working Paper 4 items

Report 1 items

Speech 1 items

FILTER BY Jel Classification

E58 4 items

C83 2 items

E20 2 items

G21 2 items

G28 2 items

D10 1 items

show more (7)

PREVIOUS / NEXT