Pacific Ethanol lands $9.9M PPP loan

In California, the Sacramento Business Journal reports that Pacific Ethanol was amongst the grantees to receive funds from the Paycheck Protection Program. The $9.9 million federal loan is to help the company keep its staff despite losing 50% of its demand as a result of the COVID-19 pandemic. Demand is rising and is currently only 20% down, but the company had cut production by 60% to compensate for falling demand. Currently it is running at about 50% production capacity.