Table A5.

Short-Run Effects of Tax Deferral Policies.

	Cash <1 Month	Reopen	Reopen <1 Month
	(1)	(2)	(3)
Tax Deferrals	−0.020	0.018	0.054
	(0.0315)	(0.0320)	(0.0340)
Sample	All	All	All
Observations	1466	1861	1504
R-Squared	0.014	0.033	0.068

Notes: This table reports the estimated effects of tax deferral policies on firms' short-term cash flow, reopening decision and expectations to reopen within one month. Cities that introduced tax deferral policies in early February include: Anshan, Dandong, Shanghai, Hangzhou, Wenzhou, Jiaxing, Shaoxing, Jinhua, Taizhou, Zhengzhou, Kaifeng, Luoyang, Luohe, Shangqiu, Guangzhou, Shaoguan, Shenzhen, Shantou, Foshan, Jiangmen, Zhanjiang, Maoming, Zhaoqing, Huizhou, Meizhou, Yangjiang, Qingyuan, Dongguan, Zhongshan, Chaozhou, Jieyang, Yunfu, and Longnan. All regressions control for SMEs' basic characteristics (sales, employment, age) interacted with year fixed effects, service-sector fixed effect, and city-level infection rates of COVID-19. Robust standard errors are clustered at city level. *** p < 0.01, ** p < 0.05, * p < 0.1.