Demand for Paycheck Protect Program loans has fallen off dramatically because 1) firms are already out of business; 2) firms with high overhead have declined to take loans because of the limitation that 75% must be used for payroll; 3) delay in disbursement means it’s not practical to hire back workers who are already on unemployment; 4) misplaced anger at mid-size restaurant and hotel chains has meant they can’t use it. The average loan size in the second round of funding dropped substantially.
Charlie Cooper
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