I was still working as a commercial banker during a pandemic I’m confident in saying that in 2020 not a single one of my customers had an increase or even maintain 2019 levels of revenue or profitability. That’s largely because of the forced shut downs across the economy.

2021 is a different story. And certainly by 2022 surviving businesses with generally doing well as such in my opinion, the first PPP appropriately did not deal with lost revenue or profitability. but perhaps the second and subsequent ones should have considered that more.