When the small business sector that employed nearly half of all U.S. workers before the pandemic faced imminent collapse in 2020, the U.S. government...
by a team of 10 top economists from the Massachusetts Institute of Technology and the Federal Reserve Board of Governors, among others.
Yet the rapidly rolled out program wasn’t a “programmatic failure” because its creators knew the U.S. didn’t have the administrative firepower to better target the program, the study said. The program was created as part of the CARES Act, passed by Congress at the behest of the Trump administration. The takeaway, according to the authors: The U.S. needs a system for targeting aid during historic economic events.
The study cited two separate 2021 reports from Federal Reserve economists, university researchers and other economic experts who found “loans received even a little earlier had a more pronounced effect on employment than those issued a bit later.” The National Bureau of Economic Research analysis credited PPP with blunting job losses by preserving between 1.98 million and 3 million job-years of employment during and after the pandemic but at a high cost of between $69,000 and $258,000 per job-year saved. A job-year is defined as one person working for one year. PPP also reduced the rate of temporary closures for small firms, “though it is less clear whether it reduced permanent closures,” the study said.
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