New York Fed paper finds possible failings in US pandemic aid

New York skyscrapers and flag

A disproportionate amount of funds in the US government’s Paycheck Protection Program (PPP) did not go to regions most affected by the pandemic, according to research published by the Federal Reserve Bank of New York.

Instead, the researchers found some evidence that supports concerns raised by some US community activists. Critics have said that the programme benefits areas less affected by the coronavirus, and that banks are using it to support long-established customers, while small

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