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. 2021 May 5;58(2):829–842. doi: 10.1007/s11187-021-00501-9

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© The Author(s) 2021

Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.

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Fig. 4 — PPP loans per employer establishment by minority share in the 2nd round. Panel a Weighted by population. Panel b Unweighted. Notes: The charts show the mean number of PPP loans per employer establishment in zip codes by minority share of the population in the second round of the PPP program (April 27–August 8, 2020). The dashed lines are from quadratic regressions at the zip code level. For perspective, the double arrow on the Y-axis indicates the median ± ½ standard deviation