As you know, I have been republishing the financial data for many of the companies operating in the energy sector. I was surprised to see that all the companies that I researched published a loss for the 1st Qtr of 2020.
So, I decided to do the same thing for companies who received PPP loans. ENGlobal obtained $4.9 million in PPP. Take a look at their net income below given.
In thousands of dollars, and losses are denoted in RED,
| 1st Qtr 2019 | 2nd Qtr 2019 | 3rd Qtr 2019 | Annual 2019 | 1st Qtr 2020 |
|---|---|---|---|---|
| 974 | 517 | 716 | 1,401 | 1,101 |
I hope these companies are not using government money to cover their business losses.
