The Bank Policy Institute conducted a study of the first phase of lending in the Paycheck Protection Program to determine whether criticisms of the way lending was conducted, and the recipients of funds, were correct.
The study by Paul Calem and Francisco Covas was accompanied by a blog posting with the findings. “Reviewing the effectiveness of such a program is also a complex undertaking, and conclusions should only be drawn using data and facts,” the study concluded.
Read on for details of the findings.