Data and Code for: The 2021 Paycheck Protection Program Reboot - Loan Disbursement to Employer and Nonemployer Businesses in Minority Communities

Was the $278 billion reboot in early 2021 of the $800 billion Paycheck Protection Program (PPP) disbursed equitably to minority communities? This paper provides the first analysis of how PPP funds were disbursed to minority communities in the third and final round of the program, which was specifically targeted to underserved and disadvantaged communities. Using data on the universe of PPP loans, we find a strong positive relationship between PPP flows, as measured by the number of loans per employer business or loan amounts per employee, and the minority share of the population in the third round. The patterns are similar for loan numbers and amounts to nonemployer businesses. The rebooted PPP that ran from January to May 2021 appears to have been disbursed to minority communities as intended.