We thank our discussants Matteo Benetton, Chuqing Jin, Marc Rysman, Zhu Wang, and seminar participants at the Bank of Italy, the Hong Kong Institute for Monetary and Financial Research (HKIMFR), Berkeley, the Carey Finance Conference, Emory, the Federal Reserve Board, Imperial, Northwestern, NBER Household Finance, the Stanford Institute for Theoretical Economics Conference, and Toulouse for helpful comments. Mark Egan is an unpaid member of the Fiserv Small Business Index Advisory Council.