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Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships, and the COVID Crisis
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Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships, and the COVID Crisis
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Journal Article
Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships, and the COVID Crisis
2021
Overview
We analyze the bank supply of credit under the Paycheck Protection Program (PPP). The literature emphasizes relationships as a means to improve lender information, which helps banks manage credit risk. Despite imposing no risk, however, the PPP supply reflects traditional measures of relationship lending: decreasing in bank size and increasing in prior experience, commitment lending, and core deposits. Our results suggest a new benefit of bank relationships: They help firms access government-subsidized lending. Consistent with this benefit, we show that the bank PPP supply, based on the structure of the local banking sector, alleviates increases in unemployment.
Publisher
Cambridge University Press
Subject
