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The paper provides evidence from Dun & Bradstreet data that PPP substantially increased employment, improved financial health, and enhanced the survival of small firms. Results also indicate growing effects over time, with larger impacts in August than April or May, while authors emphasize that conclusive assessment remains premature.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/has-the-paycheck-protection-program-succeeded/306240/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/has-the-paycheck-protection-program-succeeded/306240.png","ImageObject",442,249,{"name":88,"@type":89},"Dipper","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-21","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":9},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the Paycheck Protection Program (PPP), and whom does it target?","Question",{"text":108,"@type":109},"PPP provides forgivable loans—essentially grants—to businesses with 500 or fewer employees that meet specific requirements, including maintaining employment at pre-pandemic levels.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What evidence does the paper use to evaluate PPP’s success?",{"text":113,"@type":109},"The authors use Dun & Bradstreet data and estimate effects with event studies and standard difference-in-difference models.",{"name":115,"@type":106,"acceptedAnswer":116},"Does the paper conclude that PPP has succeeded conclusively?",{"text":117,"@type":109},"The paper argues it is too early for definitive judgment, even though the evidence indicates substantial short-run improvements and effects that increase over time.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},306240,1789976537,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":73,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},1374404997633,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","NBER WORKING PAPER SERIES  \nHAS THE PAYCHECK PROTECTION PROGRAM SUCCEEDED?  \nR. Glenn Hubbard  \nMichael R. Strain  \nWorking Paper 28032  \n[http://www.nber.org/papers/w28032](http://www.nber.org/papers/w28032)  \nNATIONAL BUREAU OF ECONOMIC RESEARCH  \n1050 Massachusetts Avenue  \nCambridge, MA 02138  \nOctober 2020  \nThe views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.  \nNBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.  \n© 2020 by R. Glenn Hubbard and Michael R. Strain. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.  \nHas the Paycheck Protection Program Succeeded?  \nR. Glenn Hubbard and Michael R. Strain NBER Working Paper No. 28032 October 2020  \nJEL No. E24,E62,H25,H3,H32  \nABSTRACT  \nEnacted March 27, 2020, the Paycheck Protection Program (PPP) was the most ambitious and creative fiscal policy response to the Pandemic Recession in the United States. PPP offers forgivable loans—essentially grants—to businesses with 500 or fewer employees that meet certain requirements. In this paper, we present evidence that PPP has substantially increased the employment, financial health, and survival of small businesses, using data from the Dun & Bradstreet Corporation. We use event studies and standard difference-in-difference models to estimate the effect of a small business applying for larger PPP loans and of a small business being eligible for PPP based on size. While our findings are informative, we believe it is too early to issue conclusive judgment on PPP’s success. We offer lessons for the future from the PPP experience thus far.  \nR. Glenn Hubbard  \nGraduate School of Business Columbia University, 607 Uris Hall 3022 Broadway  \nNew York, NY 10027  \nand NBER  \n[rgh1@columbia.edu](rgh1@columbia.edu)  \nMichael R. Strain  \nAmerican Enterprise Institute  \n1789 Massachusetts Avenue, NW Washington, DC 20036 and IZA  \n[michael.strain@aei.org](michael.strain@aei.org)  \n1. Introduction  \nThe Paycheck Protection Program was the most ambitious and creative—and, potentially, the most important—fiscal policy response to the Pandemic Recession in the United States. With a $669 billion budget, the program is the largest single component of the nation’s fiscal policy response to the crisis, and by itself approaches the total amount spent by Congress on the 2009 Recovery Act response to the Great Recession.  \nIt was enacted on March 27, 2020, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the $1.8-trillion “Phase 3” response to the pandemic crisis. An entirely new program, it began issuing loans seven days later, on April 3. It offers forgivable loans—essentially, grants—to businesses with 500 or fewer employees that meet certain requirements, including maintaining employment at pre-pandemic levels.  \nHas it succeeded? In this paper, we present evidence that PPP has substantially increased the employment, financial health, and survival of small businesses. In addition, we find that the effect of PPP on small business outcomes is increasing over time, with larger effects in August than in April or May. We also find some evidence to suggest that PPP was most effective for relatively smaller firms. We use data from the Dun & Bradstreet Corporation for our analysis, employing standard difference-in-difference models to estimate the effects ofa small business applying for a PPP loan of greater than $150,000 (we only observe PPP applications for loans of that size) and ofa small business being eligible for PPP based on size, and using event studies to trace the dynamic effects of PPP.  \nDespite this finding, our ultimate conclusion is that it is too","cbCaig7bXP1tZHmI","https://ap.wps.com/l/cbCaig7bXP1tZHmI","pdf",826213,64,"English","# Introduction\n## Program design and goals\n## Empirical approach and identification\n## Findings and timeline of effects\n## Limits on conclusive judgment","[{\"question\":\"What is the Paycheck Protection Program (PPP), and whom does it target?\",\"answer\":\"PPP provides forgivable loans—essentially grants—to businesses with 500 or fewer employees that meet specific requirements, including maintaining employment at pre-pandemic levels.\"},{\"question\":\"What evidence does the paper use to evaluate PPP’s success?\",\"answer\":\"The authors use Dun \\u0026 Bradstreet data and estimate effects with event studies and standard difference-in-difference models.\"},{\"question\":\"Does the paper conclude that PPP has succeeded conclusively?\",\"answer\":\"The paper argues it is too early for definitive judgment, even though the evidence indicates substantial short-run improvements and effects that increase over time.\"}]","Has the Paycheck Protection Program Succeeded? | PDF",1789834566,22]