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Bank:Federal Reserve Bank of Cleveland  Series:Economic Commentary 

Journal Article
How Well Did PPP Loans Reach Low- and Moderate-Income Communities?

We investigate the degree to which Paycheck Protection Program (PPP) loans reached small businesses in low- and moderate-income (LMI) communities. We use PPP loan data from the Small Business Administration that we geocode and link to census tracts. We assess the program’s reach in a few ways and focus on the number of loans, rather than the amount of funds, that went to different areas in order to capture the program’s impact on businesses with fewer than 50 employees—the vast majority of small businesses. We find evidence that the program did have a broad reach within LMI communities, ...
Economic Commentary , Volume 2021 , Issue 13 , Pages 5

Journal Article
How the Pandemic Has Reshaped Economic Inclusion in the United States

The pandemic brought unusually large and novel changes to the US labor market. Some sectors lost half or nearly half of their employment; others moved their workforces to home settings. Some workers lost their jobs, some left their jobs temporarily, and some left the workforce altogether. These changes have affected different demographic groups differently. We investigate how the pandemic affected workers of different ages, racial or ethnic backgrounds, and gender and the degree to which these effects have persisted after a year of recovery.
Economic Commentary , Volume 2021 , Issue 14 , Pages 6

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