How Big is Small? The Economic Effects of Access to Small Business Government Support

We thank Zoe Cullen, Casey Dougal, Sabrina Howell, and Kieu-Trang Nguyen (conference discussants), Khem Sharma, and seminar participants at the American University, Carnegie Mellon University, Federal Reserve Bank of Atlanta, Indiana University, International Conference of Taiwan Finance Association, Jackson Hole Finance Group Conference, Joint Finance Seminar Series, Junior Entrepreneurial Finance/Innovation Lunch Group, Mid-Atlantic Conference in Finance, Midwest Finance Association Conference, MIT Sloan Junior Finance Faculty Conference, NBER Entrepreneurship Summer Institute, RCFS/RAPS Winter Conference, Texas A&M University, U.S. Small Business Administration (SBA), University of Alberta, University of Arkansas, University of International Business and Economics (UIBE) Conference, University of Missouri, University of Nebraska, University of South Carolina, University of Texas at Dallas, University of Utah, University of Virginia, Virtual Finance Seminar Series, and Western Finance Association Conference. This paper uses confidential data from the U.S. Census Bureau. Any opinions and conclusions expressed herein are those of the authors and do not represent the views of the U.S. Census Bureau. The U.S. Census Bureau has ensured appropriate access and use of confidential data and has reviewed these results for disclosure avoidance protection (Project 7529353: CBDRB-FY25-CSRM001-0002, CBDRB-FY25-CSRM001-0003, CBDRB-FY25-CSRM001-0004, CBDRB FY26-CSRM001-001, and CBDRB-FY26-CSRM001-0002). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.