WASHINGTON, DC - APRIL 24: U.S. President Donald Trump participates in a signing ceremony for H.R.266, the Paycheck Protection Program and Health Care Enhancement Act, with members of his administration and Republican lawmakers in the Oval Office of the White House in Washington DC on April 24th, 2020. The bill includes an additional $321 billion for the Paycheck Protection Programs forgivable loans to cover payroll and other costs for small businesses. Hospitals and other health care providers will receive $75 billion and another $25 billion is allocated for COVID-19 testing. (Photo by Anna Moneymaker/The New York Times/POOL/Getty Images)

When Randy George received a Paycheck Protection Program loan for the Vermont restaurant he runs, he knew he couldn’t afford to pay it back. So, he worked quickly to meet the loan’s forgiveness requirements.

“We put all of our full-time people that had been furloughed back on our payroll,” he said.

The May federal jobs report, released Friday, is the first during the coronavirus pandemic that’s reflected decisions like this, according to economist Ernie Tedeschi at Evercore ISI.

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