Consistent with contemporaneous research, we document that minority-owned firms were more likely than observationally similar white-owned firms to receive PPP loans from nonbank lenders than from banks. However, we show that this substitution to nonbanks was only partial, resulting in significantly lower PPP take-up by minority-owned firms, particularly Black-owned ones. Location and firm characteristics explain about two-thirds of the 25 percentage point disparity in PPP take-up by Black-owned firms. While there was greater substitution to nonbanks in more racially biased locations, overall take-up was still lower in those locations. Access to professional help with applications facilitated use of nonbanks and mitigated disparities.

中文翻译：

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薪资保护计划中的种族差异


与同期研究一致，我们记录了少数族裔企业比观察到的类似白人企业更有可能从非银行贷款机构而非银行获得 PPP 贷款。然而，我们表明，这种对非银行机构的替代只是部分的，导致少数族裔企业（尤其是黑人企业）对 PPP 的采用率显着降低。黑人拥有的公司在采用 PPP 方面存在 25 个百分点的差异，其中约三分之二的原因是地理位置和公司特征造成的。尽管在种族偏见较多的地区，非银行机构的替代率较高，但这些地区的总体使用率仍然较低。在申请方面获得专业帮助促进了非银行机构的使用并缩小了差距。