2 papers
econ.GN2025
Legacy Lending Relationships and Credit Rationing: Evidence from the Paycheck Protection Program
Chunyu Qu
This article examines how legacy lending relationships shape the allocation of emergency credit under severe information frictions. Using a novel dataset linking Small Business Adm…
econ.GN2025
Structure, Risk, and Access to Credit: Reassessment of the Paycheck Protection Program Effectiveness
Chunyu Qu
The Paycheck Protection Program (PPP) was the largest targeted business support program in the United States, yet its firm-level effects remain contested. I link administrative PPP…