NEW YORK – On Thursday, May 27, the Federal Reserve Bank of New York's Liberty Street Economics blog will release a three-part series on COVID-19 and small businesses, in honor of Small Business Month and as part of their ongoing Economic Inequality research series. This series attempts to understand any disparities in small business activity by income and race, inequalities in Paycheck Protection Program credit access during the pandemic, and differences in the loan and recipient county characteristics for those who received loans through financial technology (fintech) providers versus other lenders.
Additionally, the New York Fed will host an on-the-record event for members of the press on the blog series on Thursday, May 27 at 10 AM EDT. The event will feature a brief overview of the series' top findings and will include an opportunity for questions after the presentation.
The latest series will feature the following posts:
"COVID-19 and Small Businesses: Uneven Patterns by Race and Income" looks at differences in small business activity across counties that differed by income and race.
"Who Received PPP Loans by Fintech Lenders?" examines Fintech lenders participating in the PPP and their role in providing support to minority business owners.
"Who Benefited from PPP Loans by Fintech Lenders?" explores the implications of unequal credit access and whether smaller firms received the amount of PPP credit they requested, and whether loans went to the hardest-hit areas and mitigated job losses.
Members of the press who would like to join the event should contact Mariah Measey at Mariah.Measey@ny.frb.org to RSVP and receive further details.