Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships, and the COVID Crisis
分析了银行在薪资保护计划（PPP）中的信贷供给，发现银行关系帮助企业获得政府补贴贷款，且当地银行结构缓解了失业上升。
Abstract We analyze the bank supply of credit under the Paycheck Protection Program (PPP). The literature emphasizes relationships as a means to improve lender information, which helps banks manage credit risk. Despite imposing no risk, however, the PPP supply reflects traditional measures of relationship lending: decreasing in bank size and increasing in prior experience, commitment lending, and core deposits. Our results suggest a new benefit of bank relationships: They help firms access government-subsidized lending. Consistent with this benefit, we show that the bank PPP supply, based on the structure of the local banking sector, alleviates increases in unemployment.