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. 2022 Jul 12;145(3):725–761. doi: 10.1016/j.jfineco.2022.05.006

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Fig. 4 — ZIP Exposure to First Round PPPE and PPP Coverage over Time. Fig. 4 plots binned scatter plots of the average fraction of small business establishments that received a PPP loan versus ZIP-level PPPE (Panel A) and Zip-level Predicted PPPE (Panel B). Eligible establishment counts equal all establishments in a ZIP less an estimate of the share of establishments with more than 500 employees (which are not eligible for PPP) plus an estimate of the number of proprietorships likely to apply for PPP. Both variables are demeaned at the state level to present the within-state relationship. Data come from SBA, Call Reports, Summary of Deposits, and County Business Patterns.