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PPP Loans & State-level Employment Growth

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Abstract

In this Economic Commentary, we focus on the first round of Paycheck Protection Program (PPP) loans granted beginning in March 2020 until early August 2020, when turbulence in the labor market was pronounced, in order to demonstrate the PPP’s effects on local labor markets. We find that PPP loans helped mitigate the negative impact of the pandemic recession on state-level employment growth. States that received most of their funding early in the loan period had smaller employment declines than did states that received comparable funds later in the period.

Suggested Citation

  • Bezankeng Njinju & Murat Tasci, 2021. "PPP Loans & State-level Employment Growth," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2021(20), pages 1-7, November.
    • Handle: RePEc:fip:fedcec:93389
    DOI: 10.26509/frbc-ec-202120
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    1. Murat Tasci & Nicholas Zevanove, 2019. "Do Longer Expansions Lead to More Severe Recessions?," Economic Commentary, Federal Reserve Bank of Cleveland, issue January.
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