Discrimination in lending? Evidence from the Paycheck Protection Program
Discrimination in lending? Evidence from the Paycheck Protection Program
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在贷款方面的歧视？工资支票保护计划的证据
DOI：
10.1007/s11187-021-00533-1
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发表时间：
2021-07-05
影响因子：
6.4
通讯作者：
Seamans R
中科院分区：
文献类型：
--
作者：
Atkins R;Cook L;Seamans R
我们通过工资保护计划（PPP）评估种族在贷款中的作用。美国政府为应对Covid-19大流行而创建的PPP项目向小企业提供贷款，使它们能够维持员工的工资。我们认为，历史记录和PPP项目设计选择使得许多黑人拥有的企业获得的PPP贷款可能比白人拥有的企业少。使用最新发布的PPP项目数据，我们发现黑人拥有的企业获得的贷款比观察到的类似白人拥有的企业低约50%。在银行竞争更激烈的地区，这种影响略小，随着时间的推移，随着PPP计划的变化，允许金融科技公司和其他非传统贷款机构进入，这种影响消失了。我们发现，黑人拥有的企业通过薪水保护计划获得的贷款比具有相似特征的白人拥有的企业低约50%。然而，随着越来越多的非银行贷款机构（如金融科技公司）被允许参与该计划并开始批准PPP贷款，这种贷款规模的差异随着时间的推移而缩小。在银行分支机构数量较多的邮政编码地区，贷款规模差异也略小。这些结果与先前的研究一致，该研究表明商业银行对黑人借款人存在贷款歧视。这也与一些研究相一致，这些研究表明，扩大银行和其他贷款机构之间的准入和竞争可以减少歧视。根据这些结果，我们建议政策制定者在其计划设计中考虑银行或其他系统中存在的种族不平等，以产生更公平的结果。
We assess the role of race in loans made through the Paycheck Protection Program (PPP). The PPP program, created by the U.S. government as a response to the Covid-19 pandemic, provides loans to small businesses so they can keep employees on their payroll. We argue that the historical record and PPP program design choices made it likely that many Black-owned businesses received smaller PPP loans than White-owned businesses. Using newly released data on the PPP program, we find that Black-owned businesses received loans that were approximately 50% lower than observationally similar White-owned businesses. The effect is marginally smaller in areas with more bank competition and disappeared over time as changes to the PPP program were implemented allowing for entry by fintechs and other non-traditional lenders. We find that Black-owned businesses received loans through the Paycheck Protection Program that were approximately 50 percent lower than White-owned businesses with similar characteristics. However, this difference in loan size shrank over time as more non-bank lenders such as fintechs were allowed to participate in the program and began approving PPP loans. Loan size differences were also slightly smaller in zip codes containing a larger number of bank branches. These results are consistent with prior research which shows lending discrimination by commercial banks against Black borrowers. It is also consistent with studies showing that greater access to and competition among banks and other lenders can reduce discrimination. In light of these results we recommend that policy makers account for existing racial inequalities within banking or other systems in their program design to produce more equitable outcomes.
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