Staples Aaron J, Krumel Thomas P
Department of Agricultural, Food, and Resource Economics at Michigan State University, East Lansing, MI USA.
Department of Agricultural Economics at North Dakota State University, Fargo, ND USA.
Small Bus Econ (Dordr). 2022 Dec 20:1-26. doi: 10.1007/s11187-022-00717-3.
The Paycheck Protection Program (PPP) provided approximately US $790 billion in COVID-19 relief funds to small businesses across the United States. This study merges a verified industry dataset of craft beer producers with government microdata on PPP loan recipients to examine the relationship between PPP funding and small business performance during the pandemic. Results indicate that firms receiving PPP funding were more likely to remain in operation and experience a smaller decline in annual production. However, even within a single industry, COVID-19 had heterogeneous effects on different market segments, demonstrating the importance of a firm's pre-pandemic business model on its flexibility and resiliency during a crisis. Finally, using a quasi-experiment that exploits a natural break in the loan program, the study suggests a positive causal effect of the role of loan approval timing on short-run performance outcomes. These findings provide evidence that the PPP alleviated some losses induced by COVID-19, but questions remain about the program's distribution and long-term impacts.
The US federal government created the Paycheck Protection Program (PPP) to minimize the economic damages from COVID-19 on workers and small businesses. One industry hit particularly hard by the pandemic was the craft brewing industry, making it an ideal industry to explore whether the PPP achieved its objectives. The results show that receiving a PPP loan increased the likelihood of remaining in business through the pandemic. Additionally, while most craft breweries experienced a decline in annual production from 2019 to 2020, firms that received a PPP loan experienced a smaller reduction. Breweries that received the earliest funding also performed better, suggesting that loan timing played a key role in performance outcomes. Taken together, the study suggests that the government program helped reduce economic damages associated with COVID-19, but more work is needed to fully understand the program's impact.
The online version contains supplementary material available at 10.1007/s11187-022-00717-3.
薪资保护计划（PPP）向美国各地的小企业提供了约7900亿美元的新冠疫情救助资金。本研究将经过验证的精酿啤酒生产商行业数据集与PPP贷款接受者的政府微观数据相结合，以考察疫情期间PPP资金与小企业绩效之间的关系。结果表明，获得PPP资金的企业更有可能继续运营，且年产量下降幅度较小。然而，即使在单一行业内，新冠疫情对不同细分市场也产生了异质性影响，这表明企业疫情前的商业模式对其在危机期间的灵活性和复原力至关重要。最后，通过一项利用贷款计划中的自然断点的准实验，该研究表明贷款批准时间对短期绩效结果具有积极的因果效应。这些发现证明了PPP减轻了新冠疫情造成的一些损失，但该计划的分配和长期影响仍存在疑问。
美国联邦政府设立薪资保护计划（PPP），以尽量减少新冠疫情对工人和小企业造成的经济损失。受疫情冲击尤其严重的一个行业是精酿啤酒行业，这使其成为探究PPP是否实现其目标的理想行业。结果显示，获得PPP贷款增加了在疫情期间继续经营的可能性。此外，虽然大多数精酿啤酒厂2从019年到2020年年产量有所下降，但获得PPP贷款的企业产量下降幅度较小。最早获得资金的啤酒厂表现也更好，这表明贷款时间对绩效结果起到了关键作用。总体而言，该研究表明政府计划有助于减少与新冠疫情相关的经济损失，但仍需开展更多工作以全面了解该计划的影响。
网络版包含可在10.1007/s11187-022-00717-3获取的补充材料。
