Abstract
Using data from 14 government sources, we develop comprehensive estimates of US economic activity by sector, legal form of organization, and firm size to characterize how four government direct-lending programs--the Paycheck Protection Program, Main Street Lending Program, Corporate Credit Facilities, and Municipal Liquidity Facility--relate to these classes of economic activity in the United States. The classes targeted by these programs are vast--accounting for 97 percent of total US employment--though entity-specific financial criteria limit coverage within specific programs. These programs notionally cover a far larger universe than what was targeted by analogous Great Recession-era lending policies.
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