Who CARES?
Bank Types, Inclusivity, and Payroll Protection Program Lending During COVID-19
with
Michael Schwan, Postdoctoral Researcher, University of Cologne & DAAD/AICGS Research Fellow
The centerpiece of the U.S. response to the employment collapse during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and its Paycheck Protection Program (PPP), represent the largest federal industrial policy intervention into the economy since the New Deal. Overseen by the Small Business Administration (SBA), the PPP channeled nearly a trillion dollars through the nation’s preexisting privately owned and largely for-profit collection of banks and lending institutions. How might differences in bank or lending institution type shape access to credit for small businesses in poor and/or minority communities? How might variation in bank types shape government capacities to direct credit resources to firms in those communities via programs, like the PPP, that operate through the existing banking system? This seminar presents the first results from a larger transatlantic research project on the comparative political economy of finance during COVID-19 in Germany and the United States. It seeks to shed light on institutional impasses and prospective challenges for inclusive economic policymaking in times of crisis.
This webinar will convene via Zoom. AICGS will contact registrants before the webinar with the access link. Contact Ms. Elizabeth Caruth Hotary at ehotary@aicgs.org with any questions. This webinar is supported by the DAAD with funds from the Federal Foreign Office (FF).
Header Photo © Flickr
