Table 5.
PPP loan-level results
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Dependent variable: Ln loan amount | ||||||
| Asian owner |
0.247*** [0.006] |
0.234*** [0.006] |
0.074*** [0.005] |
0.044*** [0.005] |
0.028*** [0.005] |
0.022*** [0.005] |
| Black owner (H1) |
− 0.144*** [0.011] |
− 0.138*** [0.011] |
− 0.158*** [0.010] |
− 0.140*** [0.010] |
− 0.137*** [0.009] |
− 0.162*** [0.009] |
| Hispanic owner |
0.152*** [0.007] |
0.151*** [0.007] |
0.080*** [0.006] |
0.050*** [0.006] |
0.106*** [0.006] |
0.089*** [0.006] |
| White owner |
0.424*** [0.002] |
0.496*** [0.002] |
0.363*** [0.002] |
0.334*** [0.002] |
0.349*** [0.002] |
0.357*** [0.002] |
| Other race owner |
− 1.113*** [0.114] |
− 1.113*** [0.116] |
− 0.752*** [0.100] |
− 0.828*** [0.098] |
− 0.281*** [0.098] |
− 0.298*** [0.098] |
| Median income (zip code) |
0.000*** [0.000] |
0.000*** [0.000] |
0.000*** [0.000] |
0.000*** [0.000] |
0.000*** [0.000] |
|
| % Bachelors (zip code) |
0.214*** [0.008] |
0.348*** [0.007] |
0.404*** [0.007] |
0.333*** [0.007] |
0.159*** [0.008] |
|
| % Rural (zip code) |
− 0.493*** [0.003] |
− 0.313*** [0.003] |
− 0.320*** [0.003] |
− 0.310*** [0.003] |
− 0.213*** [0.003] |
|
| Jobs reported |
0.022*** [0.000] |
0.021*** [0.000] |
0.021*** [0.000] |
0.022*** [0.000] |
||
| Veteran |
0.294*** [0.007] |
0.268*** [0.007] |
0.256*** [0.007] |
0.895*** [0.011] |
||
| Female owner |
− 0.123*** [0.003] |
− 0.103*** [0.003] |
− 0.098*** [0.003] |
0.549*** [0.009] |
||
| Mills ratio |
− 1.079*** [0.015] |
|||||
| Corporate form dummies | Yes | Yes | Yes | Yes | ||
| 2-Digit NAICS dummies | Yes | Yes | Yes | |||
| State dummies | Yes | Yes | ||||
| Observations | 4,855,505 | 4,833,101 | 4,516,504 | 4,403,731 | 4,403,711 | 4,403,709 |
| R-squared | 0.007 | 0.016 | 0.298 | 0.333 | 0.340 | 0.341 |
Standard errors in brackets
*** p < 0.01, ** p < 0.05, *p < 0.1