PPP貸款還沒有到達(dá)最需要它們的企業(yè)

PPP貸款還沒有到達(dá)最需要它們的企業(yè)

The Paycheck Protection Programhas caused public outcry, suffered technical difficulties, and frustrated small business owners. But where, exactly, is the money going?

工資保障計(jì)劃(簡稱PPP)引起了公眾的強(qiáng)烈抗議，遭遇了技術(shù)上的困難，并使小企業(yè)主們感到沮喪。但是，這些錢到底去了哪里?

Over the weekend, the Small Business Administration released a report. It showed that $175.7 billion in loans had been approved just five days into the program's second round of funding. That's on top of the $349 billion loaned out in just 13 days during the program's first round.

上周末，美國小企業(yè)管理局(簡稱SBA)發(fā)布了一份報(bào)告。報(bào)告顯示，在該計(jì)劃第二輪融資的第五天，就批準(zhǔn)了價(jià)值1757億美元的貸款。在此之前，該計(jì)劃第一輪僅13天就發(fā)放了3490億美元的貸款。

The data suggest that this time around, the loans may be going to smaller businesses, and that there is still high demand. However, there are still big questions about how well the loans are reaching the businesses that need them most.

數(shù)據(jù)顯示，這一次，貸款可能會流向規(guī)模較小的企業(yè)，需求仍然很大。然而，這些貸款在多大程度上到達(dá)了最需要它們的企業(yè)，這仍然是個(gè)大問題。

1) Average loan size has gone down.

平均貸款規(guī)模下降了。

The average PPP loan in this second round of funding was $79.000 as of Friday. That's substantially lower than at the end of the first round, when the average loan was around $206.000.

截至周五，第二輪融資的PPP貸款平均為7.9萬美元。這大大低于第一輪貸款結(jié)束時(shí)的水平，當(dāng)時(shí)的平均貸款額約為20.6萬美元。

In creating this round of funding, lawmakers were concerned with making sure smaller lenders could get better access. They set aside $30 billion for lending institutions with less than $10 billion in assets. In addition, the SBA set aside one eight-hour period last week during which the agency only allowed small lenders to access the system.

在創(chuàng)建這一輪融資時(shí)，議員們關(guān)心的是確保規(guī)模較小的貸款機(jī)構(gòu)能夠獲得更好的融資渠道。他們?yōu)橘Y產(chǎn)不足100億美元的貸款機(jī)構(gòu)預(yù)留了300億美元。此外，SBA上周還留出了一段8小時(shí)的時(shí)間，在這段時(shí)間內(nèi)，SBA只允許小型貸款機(jī)構(gòu)使用該系統(tǒng)。

And smaller lenders have tended to give out smaller loans. SBA data show that the average PPP loan at banks with over $50 billion in assets is just over $90.000 this round. At banks with less than $1 billion, that average is around $58.000.

規(guī)模較小的貸款機(jī)構(gòu)傾向于發(fā)放規(guī)模較小的貸款。SBA的數(shù)據(jù)顯示，在這輪融資中，資產(chǎn)超過500億美元的銀行的PPP貸款平均略高于9萬美元。在資產(chǎn)不足10億美元的銀行，這一平均水平約為5.8萬美元。

2) Still, large loans have eaten up a good chunk of the money

盡管如此，巨額貸款還是吞噬了大量資金

In the first round of PPP funding, loans of more than $2 million accounted for around 1.5% of total loans, but around one-quarter of the total pool of money.

在第一輪PPP融資中，200萬美元以上的貸款約占貸款總額的1.5%，但約占資金總額的四分之一。

This time, those loans are 0.35% of all loans, but they account for just over 16% of the total pool of second-round money.

這一次，這些貸款占所有貸款的0.35%，但它們只占第二輪貸款總額的16%多一點(diǎn)。

Those largest loans will be getting extra scrutiny. The SBA has announced that it will be auditing all loan applications for over $2 million. There were more than 25.000 such loans in the first round, and just over 7.500 thus far in the second round.

那些最大的貸款將受到額外的審查。SBA宣布，它將審核所有超過200萬美元的貸款申請。第一輪貸款超過2.5萬筆，到目前為止第二輪貸款剛剛超過7500筆。

In light of the limited funds, there have been calls to simply better limit the maximum loan size, currently set at $10 million.

鑒于資金有限，已經(jīng)有人呼吁更好地限制最高貸款規(guī)模，目前設(shè)定為1.000萬美元。

"Had Congress set a maximum limit of $1 million it would have freed up over $150 billion — enough money to more than double the number of truly small businesses that received aid," Brookings Institution Fellow in Economic Studies Aaron Klein wrote at Politico.

布魯金斯學(xué)會經(jīng)濟(jì)研究研究員亞倫·克萊因在Politico網(wǎng)站上寫道:“如果國會設(shè)定100萬美元的最高限額，就會釋放出1500多億美元的資金，這足以讓真正的小企業(yè)獲得援助的數(shù)量增加一倍以上。”

3) There still won't be enough money in this round to meet demand.

這輪融資仍然沒有足夠的資金來滿足需求。

Businesses have been quickly snapping up this second round of funding. The SBA has announced nearly $176 billion in loan approvals in five days thus far — an even faster clip than the first round's $349 billion in 13 days.

企業(yè)迅速搶購這第二輪融資。迄今為止，SBA已經(jīng)宣布在5天內(nèi)批準(zhǔn)了近1760億美元的貸款，比第一輪13天內(nèi)批準(zhǔn)的3490億美元還要快。

And there's good reason to think that plenty of small businesses could be in need of funds after this round runs out. After the first round, a survey from the National Federation of Independent Business found that three-quarters of small businesses had applied for the first-round PPP loans, but only 20% had gotten the money.

我們有充分的理由認(rèn)為，在本輪融資結(jié)束后，許多小企業(yè)可能需要資金。在第一輪融資之后，美國獨(dú)立企業(yè)聯(lián)合會的一項(xiàng)調(diào)查發(fā)現(xiàn)，四分之三的小企業(yè)申請了第一輪PPP貸款，但只有20%的小企業(yè)拿到了貸款。

4) PPP funds don't appear to have gone to places that needed it most.

PPP基金似乎沒有流向最需要它的地方。

These reports from SBA aren't the only sources of information on what PPP is doing. Economists at the University of Chicago and MIT have taken a first stab at figuring out how well the program might be boosting local economies. In a new working paper, they compared employment data to PPP data as of April 15 — just before the first round of funding ran out.

這些來自SBA的報(bào)告并不是PPP運(yùn)作的唯一信息來源。芝加哥大學(xué)和麻省理工學(xué)院(MIT)的經(jīng)濟(jì)學(xué)家已經(jīng)開始嘗試弄清楚，這個(gè)項(xiàng)目可能會在多大程度上提振當(dāng)?shù)亟?jīng)濟(jì)。在一份新的工作報(bào)告中，他們將4月15日(就在第一輪資金耗盡之前)的就業(yè)數(shù)據(jù)與PPP數(shù)據(jù)進(jìn)行了比較。

What they found: "Fifteen percent of establishments in the regions most affected by declines in hours worked and business shutdowns received PPP funding; in contrast, thirty percent of all establishments received PPP funding in the least affected regions," the authors wrote.

他們發(fā)現(xiàn):“在受工作時(shí)間減少和企業(yè)倒閉影響最嚴(yán)重的地區(qū)，15%的企業(yè)獲得了PPP資助;相比之下，在受影響最小的地區(qū)，所有機(jī)構(gòu)中有30%獲得了PPP資助，”作者寫道。

This paper is just one early look at the program; further data on loan forgiveness, employment, and business survival, will better show PPP's effects. But it is an indication that the aid isn't targeting the places that need it most.

這篇論文只是對這個(gè)項(xiàng)目的一個(gè)初步了解;關(guān)于貸款減免、就業(yè)和企業(yè)生存的進(jìn)一步數(shù)據(jù)將更好地顯示PPP的影響。但這表明援助并沒有針對最需要它的地方。

5) There's still a lot we don't know.

還有很多我們不知道的地方。

There's still other data that would help show how well PPP is achieving what lawmakers intended.

還有其他數(shù)據(jù)可以幫助顯示PPP在多大程度上達(dá)到了立法者的預(yù)期。

For example, leading into the second round of funding, Democratic lawmakers in particular voiced worries that women-owned businesses and businesses owned by people of color hadn't yet been able to easily access the PPP loans.

例如，在進(jìn)入第二輪融資時(shí)，民主黨議員特別表示，他們擔(dān)心女性擁有的企業(yè)和有色人種擁有的企業(yè)尚未能夠輕易獲得PPP貸款。

The SBA hasn't yet put out any data broken out by owners' gender or race, so it's not clear to what degree these businesses have been shut out, and whether it is improving.

SBA還沒有公布任何根據(jù)所有者性別或種族劃分的數(shù)據(jù)，因此尚不清楚這些企業(yè)被拒之門外的程度，以及這種情況是否正在改善。

In addition, SBA released some detailed data in the first round of lending that it hasn't released yet about the second round. For example, we don't know which industries are receiving that second pot of money. In the first round, hotels and restaurants — which were among the hardest hit by layoffs — received only around 9% of the money.

此外，SBA還公布了第一輪貸款的一些詳細(xì)數(shù)據(jù)，但尚未公布第二輪貸款的相關(guān)數(shù)據(jù)。例如，我們不知道哪些行業(yè)正在獲得第二筆資金。在第一輪中，受裁員影響最嚴(yán)重的酒店和餐館只獲得了約9%的資金。