Small-Business Survival Capabilities and Fiscal Programs: Evidence from Oakland
利用奥克兰市新冠疫情数据，研究小企业生存能力（收入韧性、劳动力灵活性和固定成本）如何随企业规模变化，并评估财政计划（如PPP）对不同规模企业的效果。
Abstract Using City of Oakland data during COVID-19, we document that small-business components of survival capabilities (i.e., revenue resiliency, labor flexibility, and committed costs) vary by firm size. Nonemployer businesses rely on low-cost structures to survive. Microbusinesses (1–5 employees) depend on 14% greater revenue resiliency. Enterprises (6–50 employees) use labor flexibility to survive but face 10%–20% higher residual closure risk from committed costs. The evidence argues for size targeting of financial support programs, including committed costs and revenue-based lending programs. Supporting the capabilities mapping, we find that the Paycheck Protection Program (PPP) increased medium-run survival probability by 20.5% specifically for microbusinesses.