The two shockers to me were:<p>> State-ordered reopenings of economies had small impacts on spending and employment.<p>and<p>> Stimulus payments to low-income households increased consumer spending sharply, but little of this increased spending flowed to businesses most affected by the COVID-19 shock, dampening its impacts on employment. Paycheck Protection Program loans increased employment at small businesses by only 2%, implying a cost of $377,000 per job saved.