The program provides loans of up to $10 million to small businesses hit by the pandemic.
American retailers staring down the economic crisis sparked by the coronavirus pandemic have few life rafts at the moment.
“Three or four weeks ago, the thinking was that hopefully this would be a short-term thing,” said Phillip Stanton, a partner at Greensfelder Hemker & Gale P.C. “I think there’s less certainty now that will be the case.” To a lesser degree, PPP loans are also meant to be used on selected operating expenses like rent, utilities and interest payments on existing secured debt, like a mortgage.
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