Questions and answers about
the UK economy.

Public firm borrowers of the us paycheck protection program

We provide an initial assessment of the US Paycheck Protection Program by studying the 273 public firms that received a total of $929 million in loans between April 7-27, 2020. Despite receiving significant media coverage, these firms comprise 0.3% of the funds disbursed. Using guidelines specified by the US Small Business Administration, we document that about half of public firms were eligible to apply, of which 13% were eventual borrowers. Within the set of eligible firms, public firm borrowers tended to be smaller, have more employees, have fewer investment opportunities, have pre-existing debt balances, and be located in a county with Covid-19 cases. Implementing additional eligibility requirements may help target funds towards the most constrained firms.

Lead investigator:

Anna Cororaton


Cox School of Business, Southern Methodist University

Primary topic:

Business, big & small

Secondary topic:

Prices & interest rates

Region of data collection:

North America

Country of data collection


Status of data collection


Type of data being collected:

Publicly available

Unit of real-time data collection


Start date


End date




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