Campbell Covid Q4
To the extent retained earnings are available, and dividends can be deferred, large employers should devote cash reserves to maintaining employees on payroll. The federal PPP is focused on smaller employers; the larger ones will have to finance this on their own. Also, to the maximum extent possible, large firms should pay their bills on a current basis, to keep consumer power from eroding on the part of their vendors. Cash hoarding is extremely dangerous to our economic recovery.
