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- All Subjects: Finance
- Creators: Dean, W.P. Carey School of Business
The PPP Loan Program was created by the CARES Act and carried out by the Small Business Administration (SBA) to provide support to small businesses in maintaining their payroll during the Coronavirus pandemic. This program was approved for $350 billion, but this amount was expanded by an additional $320 billion to meet the demand by struggling businesses, since initial funding was exhausted under two weeks.<br/><br/>Significant controversy surrounds the program. In December 2020, the Department of Justice reported 90 individuals were charged for fraudulent use of funds, totaling $250 million. The loans, which were intended for small business, were actually approved for 450 public companies. Furthermore, the methods of approval are<br/>shrouded in mystery. In an effort to be transparent, the SBA has released information about loan recipients. Conveniently, the SBA has released information of all recipients. Detailed information was released for 661,218 recipients who have received a PPP loan in excess of $150,000. These recipients are the central point of this research.<br/><br/>This research sought to answer two primary questions: how did the SBA determine which loans, and therefore which industries are approved, and did the industries most affected by the pandemic receive the most in PPP loans, as intended by Congress? It was determined that, generally, PPP Loans were approved on the basis of employment percentages relative to the individual state. Furthermore, in general, the loans approved were approved fairly, with respect to the size of the industry. The loans, when adjusted for GDP and Employment factors, yielded a clear ranking that prioritized vulnerable industries first.<br/><br/>However, significant questions remain. The effectiveness of the PPP has been hindered by unclear incentives and negative outcomes, characterized by a government program that has essentially been rushed into service. Furthermore, limitations of available data to regress and compare the SBA's approved loans are not representative of small business.
Music streaming services have affected the music industry from both a financial and legal standpoint. Their current business model affects stakeholders such as artists, users, and investors. These services have been scrutinized recently for their imperfect royalty distribution model. Covid-19 has made these discussions even more relevant as touring income has come to a halt for musicians and the live entertainment industry. <br/>Under the current per-stream model, it is becoming exceedingly hard for artists to make a living off of streams. This forces artists to tour heavily as well as cut corners to create what is essentially “disposable art”. Rapidly releasing multiple projects a year has become the norm for many modern artists. This paper will examine the licensing framework, royalty payout issues, and propose a solution.
This thesis will be exploring the situation of one of the most vulnerable groups during the COVID-19 pandemic, low-income renters. As businesses and whole states were shutdown, jobs and wages were lost and the over 100 million renters in the United States, many of whom spend a significant chunk of their income on their rent, were forced into a precarious situation. <br/><br/>The Federal Rent Moratorium that is currently in effect bars any evictions for missed rent payments, but these are expenses that if left unpaid, are just continuously accruing. These large sums of rent payments are currently scheduled to be dropped on struggling individuals at the end of the recently extended date of June 30th, 2021. As these renters are unable to pay for their housing, landlords lose the revenue streams from their investment properties, and are in turn unable to cover the debt service on the financing they utilized to acquire the property. In turn, financial institutions can then face widespread defaults on these loans.<br/><br/>The rental property market is massive, as roughly 34% of the American population consist of renters. If left unaddressed, this situation has the potential to cause cataclysmal consequences on the economy, including mass homelessness and foreclosures of rental properties and complexes. Everyone, from the tenants to the bankers and beyond, are stakeholders in this dire situation and this paper will seek to explore the issues, desires, and potential solutions applicable to all parties involved. Beginning with the pre-pandemic outlook of the rental housing market, then examining the impact of the coronavirus and the resulting federal actions, to finally explore solutions that may prevent or mitigate this potential disaster.
The goal of this thesis is to further educate the reader about the realities of the U.S stock market. Whether that be the risks or the benefits, it is important for every young adult and those that have invested in the past, to have extensive knowledge about how our stock market. It is true that the stock market affects the overall economy, however, it can be said that the economy has a significant effect on the stock market as well. Investing in the stock market is not something that Americans are forced to learn about, and many millennials have the, “Why should I care about that?” mindset when it comes to learning about the pros and cons of the Financial markets. This trend is very alarming because when done right, investing in the stock market can truly pay dividends. A cultural shift towards learning financial nuances should be incorporated in all education and more of the next generation should be educated and given this awareness. This article will not address the newer entrants such as crypto-currency, because that is more of a fad rather than a largescale market that would affect the overall economy.
The second goal with this thesis is to explain how the stock market affects the overall economy, as it is one of many significant factors. This goal may be slightly more difficult as there are so many variables in the US economy, such as changes in the global economy. One can also argue that the stock market is a supplement of the current economy. Addressing the financial markets and behavior, this conclusion will eventually address different variables and focus on the markets and how they affect the United States economy.
To do this, a 4-week long pilot curriculum was created, implemented, and tested through an optional class at I Am Zambia, available to women who had already graduated from the year-long I Am Zambia Academy program. A total of 18 women ages 18-24 chose to enroll in the course. There were a total of 10 lessons, taught over 20 class period. These lessons covered four main computational thinking frameworks: introduction to computational thinking, algorithmic thinking, pseudocode, and debugging. Knowledge retention was tested through the use of a CS educational tool, QuizIt, created by the CSI Lab of School of Computing, Informatics and Decision Systems Engineering at Arizona State University. Furthermore, pre and post tests were given to assess the successfulness of the curriculum in teaching students the aforementioned concepts. 14 of the 18 students successfully completed the pre and post test.
Limitations of this study and suggestions for how to improve this curriculum in order to extend it into a year long course are also presented at the conclusion of this paper.
institutions mainly in the early 21st century. China has gone through enormous changes in the late 20th century and early 21st century, and financial policy reforms and adjustments have been at times instrumental to aiding that growth, and at other times have served as impediments to the country’s success. As China’s clout has grown both economically and politically in the wider world, it has become evermore important to understand the Chinese financial system, particularly as other authoritarian regimes may seek to emulate it in the perhaps recent future. The paper will examine the institutional elements of Chinese finance, including the broader structure of the party state apparatus and the role of legislative and executive authorities in determining financial policy. Next, the paper will go through both the legal-regulatory environment of the country and the structure of the preeminent Chinese banks. Finally, issues in Chinese monetary policy, particularly exchange rate system reforms, and the developing stock and bond markets will be addressed.
