PPP Come to the Rescue of U.S. E-Scrap Companies
C2 Management confirmed receipt of PPP loan between $350,000 and $1 million.
SEATTLE (Scrap Monster): The assistance from the Paycheck Protection Program (PPP) has come to the rescue of many businesses, including several e-scrap companies, especially during these difficult times of pandemic.
The Berryville, Va-headquartered C2 Management was one among several companies to receive support. In anticipation of its earlier announced move to relocate to its new headquarters, the company had hired several employees. It was at that time that the pandemic hit the country along with rest of the world. The PPP loan helped the company in meeting the additional overhead. The company invested the sum in offering training to the new employees. Also, it helped the company prevent possible shutdowns, said Chris Hansen, CEO and founder, C2 Management.
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As per record, ERI received the largest loan amount, ranging between $2 million and $5 million, which helped the Freno, California-headquartered company to save as many as 400 around jobs. The companies that received loan amounts between $1 million and $2 million include Universal Scrap Metal, Lighting Resources and Close the Loop. C2 Management confirmed receipt of PPP loan between $350,000 and $1 million.
The loan has helped several other companies to survive through extremely challenging markets.