Table 8.

Homebase Employment and PPP Loan Timing (Matched Sample). Table 8 presents the results from the individual matched sample. The left-hand-side variable in Panel A, $\Delta$Shutdown, is the difference between each matched firm’s shutdown status in week 16 (May 3rd to May 9th) and its average shutdown status in weeks 10 and 11. Shutdown is an indicator variable that takes the value of one if the business reported zero hours worked over the entire week. $\Delta$Hours Worked is the change between the average number of hours worked at each establishment in the last two weeks prior to the launch of PPP and the number of worked at each establishment in week 16 (May 3rd to May 9th). $\Delta$Nbr. Employees is the change between the average number of employees working for each establishment in the last two weeks prior to the launch of PPP and the number of employees working for each establishment in week 16 (May 3rd to May 9th). Week of PPP Loan is a variable representing the week in which the firm received PPP loan approval. Standard errors are clustered at the state level. ***, **, and *, represent statistical significance at 1%, 5%, and 10% levels, respectively.

Panel A. Business Shutdowns
	(1)	(2)	(3)	(4)	(5)	(6)
	$\Delta$ Shutdown
	OLS		IV		IV
Week of PPP loan	0.007***	0.007***	0.012	0.014	0.026**	0.061*
	(0.002)	(0.002)	(0.009)	(0.019)	(0.012)	(0.032)
Observations	10694	10024	10556	9891	10556	9891
F-Stat			186.060	51.073	28.033	4.982
Industry Fixed Effects	Yes	No	Yes	No	Yes	No
State$\times$Ind Fixed Effects	No	Yes	No	Yes	No	Yes
Instrument	-	-	PPPE Zip		Predicted PPPE
Panel B. Ratio Hours Worked
	(1)	(2)	(3)	(4)	(5)	(6)
	$\Delta$ Hours Worked
	OLS		IV		IV
Week of PPP loan	-0.012***	-0.011***	-0.057***	-0.059***	-0.046***	-0.076
	(0.001)	(0.001)	(0.006)	(0.018)	(0.013)	(0.046)
Observations	10694	10024	10556	9891	10556	9891
F-Stat			186.060	51.073	28.033	4.982
Industry Fixed Effects	Yes	No	Yes	No	Yes	No
State$\times$Ind Fixed Effects	No	Yes	No	Yes	No	Yes
Instrument	-	-	PPPE Zip		Predicted PPPE
Panel C. Ratio Nbr. Employees
	(1)	(2)	(3)	(4)	(5)	(6)
	$\Delta$ Nbr. Employees
	OLS		IV		IV
Week of PPP loan	-0.011***	-0.010***	-0.047***	-0.047***	-0.040***	-0.053
	(0.001)	(0.001)	(0.006)	(0.017)	(0.011)	(0.039)
Observations	10694	10024	10556	9891	10556	9891
F-Stat			186.060	51.073	28.033	4.982
Industry Fixed Effects	Yes	No	Yes	No	Yes	No
State$\times$Ind Fixed Effects	No	Yes	No	Yes	No	Yes
Instrument	-	-	PPPE Zip		Predicted PPPE