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Study: Majority of PPP Funds Buoyed Business Owners and Shareholders Rather Than Employees

  • Report from the National Bureau of Economic Research finds that just 23 to 34 percent of Paycheck Protection Program funds went to preserving jobs, with the remainder buoying business owners and shareholders
  • Researchers say the United States lacked the administrative capacity to offer more targeted financial support without slowing delivery of aid
  • NBER suggests building capacity for methods such as work sharing and liquidity for smaller firms to prepare for the next large-scale economic crisis

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