Abstract
We study the effects of a sizeable ($526 PPP) one-time-only emergency cash transfer targeted at self-employed, sub-employed, and informal sector workers during the COVID-19 pandemic. The transfers were processed on a first-come, first-served basis until program funds were depleted, creating a plausible source of exogenous variation in program participation. Combining this discontinuity with a purpose-built phone survey, we find substantial positive effects on measures of food security and psychological well-being three to four months after reception. The point estimates for summary measures of business health outcomes and support for lockdowns are positive but imprecisely estimated.