Pacific Ethanol Inc. received a $9.9 million loan under the federal government's Paycheck Protection Program to retain employees, after cutting production of fuel ethanol by 60% at the worst part of the pandemic-driven reduction in driving, reports the Sacramento Business Journal.
Manufacturing transportation fuels is considered an essential business under government stay-at-home orders meant to reduce the spread of Covid-19, so Pacific Ethanol has kept operating. But it's refocused a plant in Illinois toward making hand sanitizer, CEO Neil Koehler said on a conference call Wednesday with investors and analysts.
He also said that fuel demand is picking up.
