Small businesses in the food and beverage service industry are particularly vulnerable to crises such as the COVID-19 pandemic. One of the most salient vulnerabilities was the drastic decline in consumer spending at eating and drinking places, generating unprecedented swings in employment in this service-intensive sector. Governments across the globe implemented rapid response fiscal policies to mitigate these economic damages and improve small business crisis management. One such policy was the Paycheck Protection Program (PPP) in the United States. This study links restricted microdata from the Colorado Quarterly Census of Employment and Wages to microdata on PPP loan recipients to assess whether the loan program effectively reduced unemployment rates in Colorado's craft beer industry. The results of a staggered difference-in-differences framework indicate immediate and longer-term positive and statistically significant effects of the loan program on employment outcomes, with employment effects ranging from 16.8 to 19.5%. These results emphasize the importance of understanding the loan program’s effectiveness among hard-hit industries comprised of small businesses.

食品和饮料服务行业的小型企业特别容易受到 COVID-19 大流行等危机的影响。最突出的脆弱性之一是餐饮场所的消费者支出急剧下降，导致这一服务密集型行业的就业出现前所未有的波动。全球各国政府实施了快速反应财政政策，以减轻这些经济损失并改善小企业危机管理。其中一项政策是美国的薪资保护计划（PPP）。这项研究将科罗拉多州就业和工资季度普查的有限微观数据与 PPP 贷款接受者的微观数据联系起来，以评估贷款计划是否有效降低了科罗拉多州精酿啤酒行业的失业率。交错双重差异框架的结果表明，贷款计划对就业结果产生了即时和长期的积极且统计显着的影响，就业影响范围为 16.8% 至 19.5%。这些结果强调了了解贷款计划在由小企业组成的遭受重创的行业中的有效性的重要性。