While bracing investors for production and shipping delays, Lerner signaled that the pandemic might actually be good for business.
"We also believe this crisis will be a driver for significant innovation," Lerner continued.
The PPP was set up to help businesses with less than 500 workers cope with the COVID-19 pandemic. Quantum has 800 employees, with 550 working in the U.S. The company maintains the PPP loan is saving jobs.
"Without it, we would most certainly be forced to reduce headcount," a company spokesperson told KQED in an email. "We owe it to our employees, who've stuck with us through a long and difficult turnaround, to do everything we can to save their jobs during this crisis."
Quantum said it qualified for the program because it is classified as a computer storage device manufacturing company, in which the cutoff is 1,250 employees.
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April 23, 2020 at 07:02PM
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Bay Area Tech Corp Nets $10M in COVID-19 Aid Package — But Does It Need the Money? - KQED
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