Table 6.

PPP Exposure and Local Labor Market and Economic Effects. Table 6 reports the results of OLS regressions examining the relation between exposure to PPPE during the first round and county-level unemployment filings, small business revenue from Womply, and employment growth from Opportunity Insights. $\Delta$UI Claims is the difference between the county unemployment filings during a week and the average unemployment filings in the county in weeks 10 and 11. $\Delta$Small Business Revenue is the difference between the county aggregate change in small business revenue relative to January and the average change in small business revenue in weeks 10 and 11 relative to January. Aggregate change in small business revenue is from Womply. $\Delta$OI Emp. is the difference between county employment growth relative to January in a week and the average county employment growth relative to January in weeks 10 and 11. The county-level employment data come from Opportunity Insights. County PPPE is the weighted county average of the bank PPPE at the end of the first round, weighted by the share of the number of branches of each bank in each county. County Predicted PPPE is the weighted county average of predicted bank PPPE at the end of the first round. The predicted values of PPPE are obtained from estimating the empirical specification of column (8) of Table 2. The weights are defined by the share of the number of branches of each bank in the county. I(Month=‘M’), where $M=\{April,May,June,July,August\}$ are indicator variables for the weeks that span those respective months. Other control variables include interactions between the median household income, social distance index, COVID cases per capita and deaths per capita measured as of week 9 interacted with the indicator variables for April, May, June, July, and August and controls for the average tier 1 capital and core deposit ratios of all banks within the county also interacted with the indicator variables for April, May, June, July, and August. Appendix Table B.1 shows summary statistics. Standard errors are clustered at the state level. ***, **, and *, represent statistical significance at 1%, 5%, and 10% levels, respectively.

	(1)	(2)	(3)	(4)	(5)	(6)
	$\Delta$ UI claims		$\Delta$ Small Bus. Rev.		$\Delta$ OI Emp.
County PPPE $\times$ I(Month=April)	-0.111	-0.114**	0.013***	0.001	-0.001	-0.000
	(0.071)	(0.056)	(0.004)	(0.004)	(0.002)	(0.003)
County PPPE $\times$ I(Month=May)	-0.151*	-0.158**	0.028***	0.007	0.009***	0.007***
	(0.086)	(0.073)	(0.005)	(0.007)	(0.003)	(0.003)
County PPPE $\times$ I(Month=June)	-0.104	-0.119	0.003	-0.011	0.016**	0.011***
	(0.082)	(0.074)	(0.006)	(0.008)	(0.006)	(0.003)
County PPPE $\times$ I(Month=July)	-0.073	-0.116	-0.012**	-0.022**	0.020**	0.014***
	(0.099)	(0.075)	(0.005)	(0.009)	(0.008)	(0.003)
County PPPE $\times$ I(Month=August)	-0.066	-0.084	-0.014***	-0.021***	0.020**	0.013***
	(0.106)	(0.073)	(0.005)	(0.007)	(0.009)	(0.004)
Observations	46092	45533	43930	43863	17112	17112
Adjusted $R^2$	0.745	0.950	0.491	0.735	0.697	0.879
State$\times$Week Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes
Other Control Variables	No	Yes	No	Yes	No	Yes
County Fixed Effects	No	Yes	No	Yes	No	Yes
	$\Delta$ UI claims		$\Delta$ Small Bus. Rev.		$\Delta$ OI Emp.
County Predicted PPPE $\times$ I(Month=April)	-0.084	-0.059	0.011***	0.002	-0.001	-0.000
	(0.084)	(0.057)	(0.003)	(0.003)	(0.003)	(0.003)
County Predicted PPPE $\times$ I(Month=May)	-0.124	-0.098	0.025***	0.008	0.007	0.002
	(0.100)	(0.073)	(0.008)	(0.007)	(0.006)	(0.004)
County Predicted PPPE $\times$ I(Month=June)	-0.103	-0.090	0.013	0.004	0.015	0.006
	(0.094)	(0.075)	(0.009)	(0.009)	(0.010)	(0.004)
County Predicted PPPE $\times$ I(Month=July)	-0.064	-0.097	-0.002	-0.004	0.018	0.008
	(0.125)	(0.080)	(0.006)	(0.006)	(0.014)	(0.005)
County Predicted PPPE $\times$ I(Month=August)	-0.016	-0.037	-0.001	-0.002	0.019	0.008
	(0.142)	(0.080)	(0.006)	(0.005)	(0.015)	(0.006)
Observations	46092	45533	43886	43863	17112	17112
Adjusted $R^2$	0.744	0.950	0.489	0.734	0.688	0.878
State$\times$Week Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes
Other Control Variables	No	Yes	No	Yes	No	Yes
County Fixed Effects	No	Yes	No	Yes	No	Yes