. 2021 May 7;204:109904. doi: 10.1016/j.econlet.2021.109904

Table 3.

Cross sectional regressions for PPP loans and loans modifications.

	(1)	(2)	(3)	(4)
	$P P P_{q 2}$	$\bar{P P P}$	$L M R_{q 2}$	$\bar{L M R}$
$T e c h$	1.5184**	1.5997**	−1.8910**	−1.4313*
	(0.7191)	(0.7105)	(0.9065)	(0.8632)
Controls	Yes	Yes	Yes	Yes
Adj R-sq	0.101	0.099	0.134	0.143
Observations	213	217	202	209

Robust standard errors in parentheses. * $p$ $<$ 0.10, ** $p$ $<$ 0.05, *** $p$ $<$ 0.01. The dependent variables are: $P P P_{q 2}$ for 2020Q2; $\bar{P P P}$ (2020Q2–2020Q3 average); $L M R_{q 2}$ for 2020Q2; $\bar{L M R}$ (2020Q2–2020Q3 average). Pre-crisis (2019Q4) controls include: $n o n - p e r f o r m i n g l o a n s, l o g o f a s s e t s, r e t u r n o n e q u i t y, e q u i t y t o a s s e t r a t i o$ . Regression constant not reported for brevity.