RFS Editor Manju Puri Testified Before the House Committee on Small Business

RFS Editor Manju Puri testified before the Committee on Small Business, U.S. House of Representatives, in a review of the Paycheck Protection Program on March 16, 2022. Her testimony was based on her research paper “Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection Program.” Her research suggests that small banks are more agile at disbursing PPP. Firms with small bank relationships were likely to gain early PPP access and face less crowding out by larger firms in getting PPP funds sooner.

You can see her written testimony at


You can watch her testimony at the hearing at



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