2023-03-01-美联储-银行关系与PPP贷款的地理位置（英）_45页_543kb

Bank Relationships and the Geography of PPP Lending Summary

This paper examines how bank relationships influenced the timing and geographic distribution of PPP lending during the COVID-19 pandemic. Key findings include:

• Approximately 50% of PPP loans were issued to borrowers within 2 miles of a bank branch, primarily relationship borrowers, indicating localized lending driven by pre-pandemic patterns.
• A U-shaped relationship exists between PPP intensity and origination timing: banks with PPP lending near prepandemic levels provided the fastest loans, while those with very high or low intensity faced longer delays.
• Relationship borrowers received credit 5-9 days earlier than nonrelationship borrowers, reflecting efficiency gains from existing client familiarity.
• Firms near less active lenders shifted to fintechs or distant lenders, experiencing delays but not significant reductions in loan volumes.
• Geocoded data and a structural model confirmed that proximity to local branches primarily affects loan timing through relationship channels, rather than general distance.

These results highlight the importance of bank relationships in accessing PPP loans and suggest intermediation frictions likely reduced the program's effectiveness, particularly for firms with weak banking ties.