An official website of the United States government
United States Department of Labor
United States Department of Labor
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information,
make sure you're on a federal government site.
The site is secure.
The
https:// ensures that you are connecting to the official website and that any
information you provide is encrypted and transmitted securely.
Office of Survey Methods Research
SHARE ON:
More Information
Published Year: 2021
Survey/Program(s): Office of Employment and Unemployment Statistics
Catalog: Economic Working Paper
WP Number: WP-542
Download PDF
Putting the Paycheck Protection Program into Perspective: An Analysis Using Administrative and Survey Data
Abstract
After matching over 3 million loans from the $669 billion Paycheck Protection Program to administrative wage records, I estimate a doubly robust dynamic difference-in-difference event study showing robust, causal impacts of the loans on employment, wages, and opening status of establishments 7 months after PPP approval. Doing back-of-the-envelope calculations, I find a range of $20,000 to $34,000 of PPP spent per employee-month retained, with about 24% of the PPP money going towards wage retention in the baseline model. Small and low-wage establishments show the largest impact from PPP.