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
  code 05/07/2023 12:02:PM
  data 05/07/2023 11:56:AM
  output 05/08/2023 09:24:PM

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
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

Related Publications

Download this project

Published Versions

V1 [2024-06-18]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.