Data and Code for: Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-Backed Securities

Principal Investigator(s):  View help for Principal Investigator(s) Sumit Agarwal, National University of Singapore; Brent W. Ambrose, Pennsylvania State University; Luis A. Lopez, University of Illinois at Chicago; Xue Xiao, Virginia Polytechnic Institute and State University

Version:  View help for Version V1

Name File Type Size Last Modified
  ppp_archive 05/07/2023 12:21:PM
ReadMe.pdf application/pdf 126.8 KB 05/08/2023 10:32:AM
cc license.rtf application/rtf 31 KB 12/07/2022 12:07:PM
datasources.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 19.1 KB 05/09/2023 10:26:AM

Project Citation: 

Agarwal, Sumit, Ambrose, Brent W., Lopez, Luis A., and Xiao, Xue. Data and Code for: Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-Backed Securities. Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-06-18. https://doi.org/10.3886/E183283V1

Project Description

Summary:  View help for Summary In this study, we examine the broader economic effects of the U.S. federal government's Paycheck Protection Program (PPP) by focusing on the performance of securitized commercial mortgages. We provide novel evidence for spillover effects of government interventions in the face of economic crises. We find that the PPP reduced mortgage delinquencies by approximately $36 billion in 2020. The strongest effects occur when PPP funds targeted businesses in areas most affected by COVID-19, where banks overperformed in providing PPP loans, and among mortgages on properties in retail and lodging. Thus, PPP relief to small businesses eased economic distress beyond the labor market. This file contains the code necessary to replicate the results.

Scope of Project

Subject Terms:  View help for Subject Terms COVID-19; CARES Act; Paycheck Protection Program; Mortgages
JEL Classification:  View help for JEL Classification
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      G28 Financial Institutions and Services: Government Policy and Regulation
      I18 Health: Government Policy; Regulation; Public Health
      R51 Finance in Urban and Rural Economies
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1/2019 – 12/2020
Collection Date(s):  View help for Collection Date(s) 1/2020 – 12/2021
Universe:  View help for Universe Securitized mortgages on Retail, Office, Industrial, Lodging, and Mix-use properties.
Data Type(s):  View help for Data Type(s) administrative records data; census/enumeration data; event/transaction data

Methodology

Data Source:  View help for Data Source Trepp, LLC; National Council of Real Estate Investment Fiduciaries; National Association of Real Estate Investment Trusts; US Bureau of Labor Statistics; John Hopkins University & Medicine's Coronavirus Resource Center; HUD-USPS; Board of Governors of the Federal Reserve System; U.S. Census Bureau's 2014 - 2018 American Community Survey; MIT Election Data and Science Lab; Granga et al. (2022); US Small Business Administration.
Unit(s) of Observation:  View help for Unit(s) of Observation Monthly mortgage performance records
Geographic Unit:  View help for Geographic Unit Property Level

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Published Versions

V1 [2024-06-18]

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