I am not deeply familiar with HASCAP, in large measure because, as I've noted, most retailers would not qualify for it as they wouldn't meet the three months of sub-50% revenue within the prior eight months. Therefore, we have not delved into it as deeply as others have.
Certainly that is a challenge in our space, because there are certain forms of retail that are obviously running on fumes. I think particularly of the apparel and footwear businesses, and so on. They might not quite, in all instances, meet the HASCAP criteria as they are. Therefore, thinking about the ambit of those criteria is certainly something that could be done.
In terms of a 4% interest rate, I'm not sure I'm qualified to judge what market rates would be. I suspect that for retailers saddled with a bunch of seasonal inventory, whose prospects might be challenging depending on their environment, that might be deemed to be priced relatively reasonably, given that the assumption of risk is on the government side, so I don't think I could speak to that.
I do believe a couple of the programs do not allow inventory into the mix of their assessment of what can be funded, and obviously that is a significant challenge in the retail space.
Those would be a couple of areas that I would look at.