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Who Benefited from PPP Loans by Fintech Lenders?

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Abstract

In the previous post, we discussed inequalities in access to credit from the Paycheck Protection Program (PPP), showing that, although fintech lenders had a small share of total PPP loan volumes, they provided important support for underserved borrowers. In this post, we ask whether smaller firms received the amount of PPP credit that they requested, and whether loans went to the hardest-hit areas and mitigated job losses. Our results indicate that fintech providers were a key channel in reaching minority-owned firms, the smallest of small businesses, and borrowers most affected by the coronavirus pandemic.

Suggested Citation

  • Jessica Battisto & Nathan Y. Godin & Claire Kramer Mills & Asani Sarkar, 2021. "Who Benefited from PPP Loans by Fintech Lenders?," Liberty Street Economics 20210527c, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:92113
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    More about this item

    Keywords

    small business loans; inequality; Paycheck Protection Program; Fintech;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • I1 - Health, Education, and Welfare - - Health
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty

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