Some question whether companies that didn’t suffer during lockdowns should have their Payment Protection Program loans forgiven
WASHINGTON—John Mercadante’s e-commerce delivery business was burning cash, missing debt payments and struggling to raise capital, regulatory filings show, before two events brightened his company’s fortunes.
First the coronavirus pandemic hit, leading to increased delivery orders for his Transportation and Logistics Systems Inc. of Jupiter, Fla. And even as the business got busier, two of its subsidiaries qualified for forgivable loans totaling $3.4 million under the federal government’s Paycheck Protection Program.
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