Nonprofit Organizations’ Financial Obligations and the Paycheck Protection Program
研究了非营利组织参与薪资保护计划的情况，发现财务义务越高的组织越可能参与，且获得的贷款占薪资成本比例更高，但约11%未能获得贷款豁免。
We examine nonprofit organizations’ involvement in the Paycheck Protection Program (PPP). The PPP provided participants with forgivable loans to pay employee salaries, increasing participants’ financial flexibility during the pandemic. We examine the associations between nonprofits’ prepandemic financial obligations (e.g., long-term debt and donor-restricted net assets) and PPP participation and participants’ loan characteristics. First, we find nonprofit organizations participated at a lower rate than other small business industries and that nonprofits with greater financial obligations were more likely to participate in the program. Second, we find financial obligations were positively associated with the loan amount received as a percentage of total payroll costs. Last, although approximately 11% of nonprofits failed to obtain loan forgiveness, we find nonprofits with restricted net assets were more likely to have their loans forgiven. Our results suggest nonprofits with greater debt and donor obligations used the PPP to increase their financial flexibility. This paper was accepted by Ranjani Krishnan, accounting. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4804 .