Loans made under the PPP totaled $ billion—an amount representing about 40 percent of all funding provided under this program. A banker from  Michelle Park Lazette, “’I Can’t Believe I Got a Real Person’: Small Bank Answers Businesses’ Cries for Help,” Medium, September 3, 2020, https://medium.com/new-york-fed/i-cant-believe-i-got-a-real-personsmall-bank-answers-businesses-cries-for-help-844b482ab5ba.
This has been the source of many benefits, but it has also been accompanied by new challenges. In particular, as the global financial crisis (GFC) has clearly shown, the growing interdependence that has resulted from globalization means the economic problems of one country can be rapidly transmitted to others.