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Measuring the Business Dynamics of Firms that Received Pandemic Relief Funding: Findings from a New Experimental BDS Data Product

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  • Richard Beem
  • Martha Stinson

Abstract

This paper describes a new experimental data product from the U.S. Census Bureau’s Center for Economic Studies: the Business Dynamics Statistics (BDS) of firms that received Small Business Administration (SBA) pandemic funding. This new product, BDS-SBA COVID, expands the set of currently published BDS tables by linking loan-level program participation data from SBA to internal business microdata at the U.S. Census Bureau. The linked programs include the Paycheck Protection Program (PPP), COVID Economic Injury Disaster Loans (COVID-EIDL), the Restaurant Revitalization Fund (RRF), and Shuttered Venue Operators Grants (SVOG). Using these linked data, we tabulate annual firm and establishment counts, measures of job creation and destruction, and establishment entry and exit for recipients and non-recipients of program funds in 2020-2021. We further stratify the tables by timing of loan receipt and loan size, and business characteristics including geography, industry sector, firm size, and firm age. We find that for the youngest firms that received PPP, the timing of receipt mattered. Receiving an early loan correlated with a lower job destruction rate compared to non-recipients and businesses that received a later loan. For the smallest firms, simply participating in PPP was associated with lower employment loss. The timing of PPP receipt was also related to establishment exit rates. For businesses of nearly all ages, those that received an early loan exited at a lower rate in 2022 than later loan recipients.

Suggested Citation

  • Richard Beem & Martha Stinson, 2025. "Measuring the Business Dynamics of Firms that Received Pandemic Relief Funding: Findings from a New Experimental BDS Data Product," Working Papers 25-05, Center for Economic Studies, U.S. Census Bureau.
    • Handle: RePEc:cen:wpaper:25-05
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    File URL: https://www2.census.gov/library/working-papers/2025/adrm/ces/CES-WP-25-05.pdf
    File Function: First version, 2025
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    References listed on IDEAS

    as
    1. David Autor & David Cho & Leland D. Crane & Mita Goldar & Byron Lutz & Joshua Montes & William B. Peterman & David Ratner & Daniel Villar & Ahu Yildirmaz, 2022. "The $800 Billion Paycheck Protection Program: Where Did the Money Go and Why Did It Go There?," Journal of Economic Perspectives, American Economic Association, vol. 36(2), pages 55-80, Spring.
    2. Melissa C. Chow & Teresa C. Fort & Christopher Goetz & Nathan Goldschlag & James Lawrence & Elisabeth Ruth Perlman & Martha Stinson & T. Kirk White, 2021. "Redesigning the Longitudinal Business Database," NBER Working Papers 28839, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Melissa Chow & Martha Stinson, 2025. "Business Dynamics Statistics of Coastal Counties: A Description of Differences in Coastal Areas Over Time," Working Papers 25-08, Center for Economic Studies, U.S. Census Bureau.

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