Colin McIntosh, the millennial founder and CEO of startup bedding company Sheets & Giggles, last month vowed to retain his entire staff even as layoffs rain down across nearly every industry because of the coronavirus.
The Small Business Administration-backed loan that he has applied for could help him fulfill that pledge, but McIntosh doesn’t know when — or if — he’ll receive funding through the federal Paycheck Protection Program. The initiative is part of the $2.2 trillion CARES Act passed by Congress to help Americans weather the economic downturn.