Did FinTech Lenders Facilitate PPP Fraud?

• 成果类型: Article
• 署名作者: Griffin, John M.; Kruger, Samuel; Mahajan, Prateek
• 署名单位: University of Texas System; University of Texas Austin; University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13209
• 发表日期: 2023
• 页码: 1777-1827
• 关键词: Reputation

摘要

In the $793 billion Paycheck Protection Program, we examine metrics related to potential misreporting including nonregistered businesses, multiple businesses at residential addresses, abnormally high implied compensation per employee, and large inconsistencies with jobs reported in another government program. These measures consistently concentrate in certain FinTech lenders and are cross-verified by seven additional measures. FinTech market share increased significantly over time, and suspicious lending by FinTechs in 2021 is four times the level at the start of the program. Suspicious loans are being overwhelmingly forgiven at rates similar to other loans.