As companies moved to restock shelves and the pandemic shutdowns lifted, Integrity Metals LLC in Romeoville (Illinois) was hoping for a surge of orders. Integrity makes metal parts for big companies including Honeywell International Inc, and General Electric Co.
More businesses expected to pull back to US shores and create new opportunities for smaller suppliers like Integrity, which has 20 employees. However, neither of those expectations has happened yet.
The aid of just over US$200,000 from the Paycheck Protection Program enables Integrity to rehire. Government-backed loans offered by the program. As of June 10, 4.5 million of these loans have been approved by the Small Business Administration averaging US$113,000 in size for a total of US$512 billion.
The demand in many industrial sectors, from oil and gas to construction equipment, remains depressed, which becomes the problem now. Even as new claims fell for a 10th straight week, data on Thursday showed more than 20 million people remain on unemployment benefits.
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Published on June 15, 2020 6:08 PM (GMT+8)Last Updated on June 15, 2020 6:08 PM (GMT+8)
