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What Drove Racial Disparities in the Paycheck Protection Program?

June 01, 2023Sergey Chernenko, Nathan Kaplan, Asani Sarkar, David S. Scharfstein Federal Reserve Bank of New York
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This post uses the Fed's 2020 Small Business Credit Survey (SBCS) to examine Paycheck Protection Program (PPP) application behavior and approval decisions and to study the strengths and limitations of fintech lenders in enhancing access to credit for Black-owned businesses.