Healthcare Economist May 11, 2022
That is the question answered in a paper by Autor et al. (2022). Some background on PPP:
Congress enacted the Paycheck Protection Program (PPP), which provided uncollateralized, low-interest loans of up to $10 million to firms with fewer than 500 employees—loans that were forgivable on the condition that recipient firms maintained employment and wages at close to pre-crisis levels in the two to six months following loan receipt.
PPP was one for three large federal initiatives to combat the impact of COVID-19 on the US economy. These three (and relevant funding) include:
- Paycheck Protection Program: $800 billion
- Stimulus checks: $800 billion
- Unemployment benefits: $680 billion
Note that each of these 3 programs was approximately the same...
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