Open AccessAcross the Universe: Policy Support for Employment and Revenue in the Pandemic Recession
Author(s) -
Ryan A. Decker,
Robert J. Kurtzman,
Byron F. Lutz,
Christopher J. Nekarda
Publication year - 2021
Publication title -
finance and economics discussion series
Language(s) - English
Resource type - Journals
eISSN - 2767-3898
pISSN - 1936-2854
DOI - 10.17016/feds.2020.099r1
Subject(s) - revenue , recession , government (linguistics) , business , finance , covid-19 , cover (algebra) , economics , macroeconomics , mechanical engineering , linguistics , philosophy , engineering , medicine , disease , pathology , infectious disease (medical specialty)
Using data from 14 government sources, we develop comprehensive estimates of U.S. economic activity by sector, legal form of organization, and firm size to characterize how four government direct lending programs—the Paycheck Protection Program, the Main Street Lending Program, the Corporate Credit Facilities, and the Municipal Lending Facilities—related to these classes of economic activity in the United States. The classes targeted by these programs are vast—accounting for 97 percent of total U.S. employment—though entity-specific financial criteria limited coverage within specific programs. We relate our estimates to those from timely alternative data sources, which do not typically cover the majority of the economic universe.