PPP贷款还没有到达最需要它们的企业

PPP贷款还没有到达最需要它们的企业

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

工资保障计划(简称PPP)引起了公众的强烈抗议，遭遇了技术上的困难，并使小企业主们感到沮丧。但是，这些钱到底去了哪里?

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，美国小企业管理局(简称SBA)发布了一份报告。报告显示，在该计划第二轮融资的第五天，就批准了价值1757亿美元的贷款。在此之前，该计划第一轮仅13天就发放了3490亿美元的贷款。

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.

数据显示，这一次，贷款可能会流向规模较小的企业，需求仍然很大。然而，这些贷款在多大程度上到达了最需要它们的企业，这仍然是个大问题。

1) Average loan size has gone down.

平均贷款规模下降了。

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，第二轮融资的PPP贷款平均为7.9万美元。这大大低于第一轮贷款结束时的水平，当时的平均贷款额约为20.6万美元。

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.

在创建这一轮融资时，议员们关心的是确保规模较小的贷款机构能够获得更好的融资渠道。他们为资产不足100亿美元的贷款机构预留了300亿美元。此外，SBA上周还留出了一段8小时的时间，在这段时间内，SBA只允许小型贷款机构使用该系统。

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.

规模较小的贷款机构倾向于发放规模较小的贷款。SBA的数据显示，在这轮融资中，资产超过500亿美元的银行的PPP贷款平均略高于9万美元。在资产不足10亿美元的银行，这一平均水平约为5.8万美元。

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

尽管如此，巨额贷款还是吞噬了大量资金

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.

在第一轮PPP融资中，200万美元以上的贷款约占贷款总额的1.5%，但约占资金总额的四分之一。

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.

这一次，这些贷款占所有贷款的0.35%，但它们只占第二轮贷款总额的16%多一点。

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.

那些最大的贷款将受到额外的审查。SBA宣布，它将审核所有超过200万美元的贷款申请。第一轮贷款超过2.5万笔，到目前为止第二轮贷款刚刚超过7500笔。

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

鉴于资金有限，已经有人呼吁更好地限制最高贷款规模，目前设定为1.000万美元。

"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.

布鲁金斯学会经济研究研究员亚伦·克莱因在Politico网站上写道:“如果国会设定100万美元的最高限额，就会释放出1500多亿美元的资金，这足以让真正的小企业获得援助的数量增加一倍以上。”

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

这轮融资仍然没有足够的资金来满足需求。

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.

企业迅速抢购这第二轮融资。迄今为止，SBA已经宣布在5天内批准了近1760亿美元的贷款，比第一轮13天内批准的3490亿美元还要快。

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.

我们有充分的理由认为，在本轮融资结束后，许多小企业可能需要资金。在第一轮融资之后，美国独立企业联合会的一项调查发现，四分之三的小企业申请了第一轮PPP贷款，但只有20%的小企业拿到了贷款。

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

PPP基金似乎没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.

这些来自SBA的报告并不是PPP运作的唯一信息来源。芝加哥大学和麻省理工学院(MIT)的经济学家已经开始尝试弄清楚，这个项目可能会在多大程度上提振当地经济。在一份新的工作报告中，他们将4月15日(就在第一轮资金耗尽之前)的就业数据与PPP数据进行了比较。

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.

他们发现:“在受工作时间减少和企业倒闭影响最严重的地区，15%的企业获得了PPP资助;相比之下，在受影响最小的地区，所有机构中有30%获得了PPP资助，”作者写道。

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.

这篇论文只是对这个项目的一个初步了解;关于贷款减免、就业和企业生存的进一步数据将更好地显示PPP的影响。但这表明援助并没有针对最需要它的地方。

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

还有很多我们不知道的地方。

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

还有其他数据可以帮助显示PPP在多大程度上达到了立法者的预期。

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，在进入第二轮融资时，民主党议员特别表示，他们担心女性拥有的企业和有色人种拥有的企业尚未能够轻易获得PPP贷款。

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还没有公布任何根据所有者性别或种族划分的数据，因此尚不清楚这些企业被拒之门外的程度，以及这种情况是否正在改善。

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还公布了第一轮贷款的一些详细数据，但尚未公布第二轮贷款的相关数据。例如，我们不知道哪些行业正在获得第二笔资金。在第一轮中，受裁员影响最严重的酒店和餐馆只获得了约9%的资金。