The food and accommodation sector was among the hardest-hit by the coronavirus pandemic, and one motivation for the rapid approval of the roughly $650 billion program of forgivable loans was fear that staple companies like the corner pizza joint would be forced out of business without assistance.
According to the 2017 Statistics of U.S. Businesses, the most recent available from the U.S. Census, companies in that industry accounted for just over 14% of employment among firms with 500 or fewer workers - the general cutoff for PPP loans. Retail companies, another sector hard-hit by social distancing and other measures imposed to control the spread of the virus, followed a similar pattern - receiving 7.7% or PPP loans compared to providing more than 9% of small business employment and under 7% of small business payrolls.
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Source: MarketWatch - 🏆 3. / 97 Read more »
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