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Effect of PPP Eligibility on Employment. Note: Each firm’s size is determined using employment in both 2019 and February 2020. Regressions are weighted by firm size as of February 2020 and include controls for state-by-week and industry-by-week effects. Standard errors are clustered at the 3-digit NAICS industry level. Sample includes firms that were present in the ADP data for all 12 months of 2019. Source: Authors’ analysis of ADP data.
