The New York Times - Many Jobs May Vanish Forever as Layoffs Mount
With over 38 million U.S. unemployment claims in nine weeks, one economist says the situation is “grimmer than we thought.”
“Small-business owners who were hoping the Paycheck Protection Program would enable them
to keep their workers on the payroll contend the program is not operating as intended.
Roy Surdej, who owns Peaches Boutique in Chicago, applied for a loan after he was forced to close and the pandemic eliminated the season’s wave of proms, quinceañeras and graduation celebrations.
Under the program, the loan turns into a grant if he rehires the 100-person staff he had built up in February in anticipation of selling thousands of ruffled, sequined and strappy dresses during the spring rush. But he said that would be impossible, given the income he had lost and the restrictions that continue to pre-empt social gatherings.”