My job market paper is titled “The Paycheck Protection Program & Small Business Performance: Evidence from Craft Breweries.” This study merges Small Business Administration loan data with a verified dataset of craft beer producers to examine the relationship between Paycheck Protection Program (PPP) funding and small business performance during COVID-19. Results suggest that firms that receive PPP funding are more likely to remain in operation and experience a smaller decline in annual production. Additionally, the study uses a quasi-experiment exploiting a natural break in the loan program to suggest a positive causal effect of the role of loan approval timing on short-run performance outcomes.
The paper has been accepted at Small Business Economics (IF 7.1). A copy of the accepted version is available below.