Paycheck Protection Program: Program Changes Increased Lending to the Smallest Businesses and in Underserved Locations, Report to Congressional Addressees [open pdf - 2MB]
From the Highlights: "The COVID-19 [coronavirus disease 2019] pandemic resulted in significant turmoil in the U.S. economy, leading to temporary and permanent business closures and high unemployment. In response, in March 2020, Congress established PPP [Paycheck Protection Program] under the CARES [Coronavirus Aid, Relief, and Economic Security] Act and ultimately provided commitment authority of approximately $814 billion for the program over three phases. When initial program funding ran out in 14 days, concerns quickly surfaced that certain businesses were unable to access the program, prompting a series of changes by Congress and SBA [Small Business Administration]. The CARES Act includes a provision for GAO [Government Accountability Office] to monitor the federal government's efforts to respond to the COVID-19 pandemic. GAO has issued a series of reports on this program, and has made a number of recommendations to improve program performance and integrity. This report describes trends in small business and lender participation in PPP."
Government Accountability Office: http://www.gao.gov/