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Uptake of the Main Street Lending Program Accessible Data
Figure 1. Main Street Uptake and COVID
The left figure is a bar chart. The horizontal axis of the chart starts in the first week of July 2020 and ends in the first week of January 2021. The vertical axis shows the percent of cumulative uptake from firms that operate in COVID-affected industries according to the Wholesale Credit Risk Center’s classification. The figure shows that throughout the operation of the Main Street program, uptake by firms from COVID-affected industries was persistently high (between 53 percent and 72 percent). At the end of the program, 71.4 percent of all volume went to COVID-affected industries.
The right figure is a binned scatter plot. The horizontal axis of the chart shows the 1-month lagged COVID positivity rate (in percent), and the vertical axis shows the logarithm of total Main Street uptake. The data points, shown as blue dots, are at the month-state level and they are orthogonalized with respect to month fixed effects and state GDP per capita. A fitted linear regression line, shown in red, highlights the positive association between uptake and lagged COVID spread.
Sources: MSLP SPV data, New York Times COVID-19 data (https://github.com/nytimes/covid-19-data), and authors’ calculations.
Figure 2. Cumulative Biweekly Business Loan Origination ($ Billion)
This figure is a bar chart that shows clusters of three bars over biweekly periods starting in August, 18,2020 and ending in December, 31, 2020. For each period, the bar on the left shows the cumulative volume of Main Street loan submission; the bar in the middle shows the cumulative volume of newly originated term loans smaller than $300 million to non-financial firms with debt-to-ebitda multiple smaller than 6 and EBITDA as of 2019 smaller than $5 billion, reported in Y-14Q. The bar on the right shows the cumulative volume of newly originated term loans smaller than $300 million to non-financial firms, reported in Y-14Q. As of December 31, 2020, the cumulative Main Street volume had reached roughly 60 percent of the cumulative Y-14Q loan volume shown with the bar in the middle. The debt-to-ebitda multiple is a binding constraint for firm participation in the Main Street program as we observe that the cumulative volume of Y-14Q originations shown with the third bar is nearly three times greater than that of Main Street loans shown with the left bar.
Sources: MSLP SPV data, FR Y-14Q corporate loan schedule, and authors’ calculations.
Figure 3. Cumulative Biweekly Business Loan Origination to Smaller Borrowers ($ Billion)
This figure is a bar chart that shows clusters of three bars over biweekly periods starting in August, 18, 2020 and ending in December, 31, 2020. For each period, the bar on the left shows the cumulative volume of Main Street loan submission; the bar in the middle shows the cumulative volume of newly originated term loans smaller than $300 million to non-financial firms with debt-to-ebitda multiple smaller than 6 and EBITDA as of 2019 smaller than $50 million, reported in Y-14Q. The bar on the right shows the cumulative volume of newly originated term loans smaller than $300 million to non-financial firms, reported in Y-14Q. The graph shows that cumulative loan volume of the Main Street program was very similar to the cumulative loan volume of Y-14Q banks, especially for borrowers with less than $50 million EBITDA. This finding suggests that Main Street added substantially to the supply of credit to the smallest firms.
Sources: MSLP SPV data, FR Y-14Q corporate loan schedule, and authors’ calculations.