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Small Business Lending during COVID-19

Author

Listed:
  • Remy Beauregard
  • Jose A. Lopez
  • Mark M. Spiegel

Abstract

Small businesses and farms were hit hard by restrictions that limited their ability to pay operating costs during the COVID-19 crisis. Banks played an important supportive role, substantially expanding the loans available to these firms during the early months of the crisis. The growth in lending was associated with small business participation in the Paycheck Protection Program (PPP) and bank use of the PPP Liquidity Facility. Analyzing data for the first half of 2020 suggests that these programs were successful in supporting lending growth during the crisis, particularly among small banks.

Suggested Citation

  • Remy Beauregard & Jose A. Lopez & Mark M. Spiegel, 2020. "Small Business Lending during COVID-19," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2020(35), pages 01-05, November.
    • Handle: RePEc:fip:fedfel:89090
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    File URL: https://www.frbsf.org/economic-research/files/el2020-35.pdf
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    Cited by:

    1. Lopez, Jose A. & Spiegel, Mark M., 2023. "Small business lending under the PPP and PPPLF programs," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    2. Spiegel, Mark M., 2022. "Monetary policy spillovers under COVID-19: Evidence from lending by U.S. foreign bank subsidiaries," Journal of International Money and Finance, Elsevier, vol. 122(C).
    3. Lee, Churn Ken & Lee, Munseob, 2023. "Regional redistribution through SBA guaranteed loan programs," Journal of Corporate Finance, Elsevier, vol. 78(C).

    More about this item

    Keywords

    Covid-19; Small business;

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