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An overdownload of the Paycheck Protection Program (PPP) loans and implications for agricultural enterprise recovery from COVID

Author

Listed:
  • Demko, Iryna
  • Claudia Sant’Anna, Ana
  • Liang, Kathleen

Abstract

In this policy and practice brief, we analyze the U.S. Paycheck Protection Program (PPP). The PPP provided loans to support businesses during the COVID-19 pandemic. Some businesses received timely relief from the PPP loans, while some were not able to acquire assistance. Production agricul­ture received 617,128 PPP loans totaling $17 billion.[1] The reach of PPP loans across the country was broad. In 80% of U.S. zip codes, at least one farm received a PPP loan. The average size of the loan in agriculture ($27,744) was substantially smaller than the national average ($74,156). The authors conducted interviews with PPP recipients and present some findings from those. The most recent data reveal challenges and opportunities for agricultural businesses, depending on their scale of operations and regional disparities. Community organizations working with small agriculture-related businesses need to be aware of various impacts while providing future assistance. [1] All currencies are U.S. dollars.

Suggested Citation

  • Demko, Iryna & Claudia Sant’Anna, Ana & Liang, Kathleen, 2021. "An overdownload of the Paycheck Protection Program (PPP) loans and implications for agricultural enterprise recovery from COVID," Journal of Agriculture, Food Systems, and Community Development, Center for Transformative Action, Cornell University, vol. 11(1).
    • Handle: RePEc:ags:joafsc:360366
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    References listed on IDEAS

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    1. Robert Fairlie, 2020. "The impact of COVID‐19 on small business owners: Evidence from the first three months after widespread social‐distancing restrictions," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 29(4), pages 727-740, October.
    2. Heike Mayer & Yasuyuki Motoyama, 2020. "Entrepreneurship in small and medium-sized towns," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 32(7-8), pages 467-472, August.
    3. Zoltan J. Acs & Erik Stam & David B. Audretsch & Allan O’Connor, 2017. "The lineages of the entrepreneurial ecosystem approach," Small Business Economics, Springer, vol. 49(1), pages 1-10, June.
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