Paycheck protection facility supported lending – Fed paper

Federal Reserve

The Federal Reserve’s Paycheck Protection Program Liquidity Facility (PPPLF) appears to have been successful in encouraging banks to lend more to small businesses during the Covid-19 crisis, new research finds.

Sriya Anbil, Mark Carlson, and Mary-Frances Styczynski use an instrumental variables approach to isolate the effects of the PPPLF. Their instrument is the familiarity of banks with the Fed’s discount window, based on a bank’s history of pledging collateral.

Because the process was

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