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From our analysis, we found the following most relevant:Big banks are facing lawsuits that claim they put larger borrowers first, and some advocates say minority and women owners of businesses are getting shut out of the loan program.
The Trump administration has responded to some criticisms, with Treasury Secretary Steven Mnuchin saying Monday that PPP loans above $2 million will be audited.
The NBER paper, released on Sunday, is titled .Did the Paycheck Protection Program Hit the TargetIts authors said they studied data on the distribution of PPP loans in the program.s first round along with .high-frequency micro-level employment data..
The PPP quickly ran through the $350 billion that it received initially through last month.s $2.2 trillion Cares Act, and then on Friday got an additional $320 billion as Trump signed into law the $484 billion Paycheck Protection Program and Health Care Enhancement Act.
U.S. stocks US:DJIA US:SPX are trading well below their February peaks because of coronavirus-related lockdowns on business activity, but they have rallied from their late-March lows thanks in part to optimism around Washington.s aid programs