Information frictions and access to the Paycheck Protection Program
研究发现，薪资保护计划（PPP）的信息摩擦和先到先得设计导致资源偏向较大企业，最小企业知晓度低、申请晚、审批慢，而获得援助的企业裁员更少、就业更高、预期更好。
The Paycheck Protection Program (PPP) extended 669 billion dollars of forgivable loans in an unprecedented effort to support small businesses affected by the COVID-19 crisis. This paper provides evidence that information frictions and the "first-come, first-served" design of the PPP program skewed its resources towards larger firms and may have permanently reduced its effectiveness. Using new daily survey data on small businesses in the U.S., we show that the smallest businesses were less aware of the PPP and less likely to apply. If they did apply, the smallest businesses applied later, faced longer processing times, and were less likely to have their application approved. These frictions may have mattered, as businesses that received aid report fewer layoffs, higher employment, and improved expectations about the future.