NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Did the Paycheck Protection Program Hit the Target?

João Granja, Christos Makridis, Constantine Yannelis, Eric Zwick

NBER Working Paper No. 27095
Issued in May 2020, Revised in July 2020

---- Acknowledgments ----

We thank seminar participants at the University of Chicago Booth School of Business, the Stigler Center Economic Effects of COVID-19 Workshop, the Federal Reserve Bank of New York, the Federal Reserve Bank of Philadelphia and the Bank of Portugal as well as Scott Baker, Sylvain Catherine, Jediphi Cabal, Raj Chetty, Mike Faulkender, Sam Hanson, Steve Kaplan, Mike Minnis, Tiago Pinheiro, Larry Schmidt, Adi Sunderam, and Luigi Zingales for comments. Laurence O’Brien and Igor Kuznetsov provided excellent research assistance. João Granja gratefully acknowledges support from the Jane and Basil Vasiliou Faculty Scholarship and from the Booth School of Business at the University of Chicago. Yannelis and Zwick gratefully acknowledges financial support from the Booth School of Business at the University of Chicago. We are grateful to the Small Business Administration, Womply, and Homebase for providing data. This draft is preliminary and comments are welcome. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Christos Makridis ----

Christos Makridis serves on the National Artificial Intelligence Institute at the Department of Veterans Affairs. The views here do not represent the affiliated institutions or the United States.

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