How Well Did PPP Loans Reach Low- and Moderate-Income Communities?

We investigate the degree to which Paycheck Protection Program (PPP) loans reached small businesses in low- and moderate-income (LMI) communities. use PPP loan data from Small Business Administration that we geocode link census tracts. assess program’s reach a few ways focus on number of loans, rather than amount funds, went different areas order capture impact with fewer 50 employees—the vast majority businesses. find evidence program did have broad within LMI communities, but it higher-income communities greater extent Black, Hispanic, American Indian or Alaska Native majorities lesser extent.