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COVID-19 UPDATE 4/10/2020
Good news. We’ve received notice that our Payroll Protection Program application was approved by the SBA. That means our company has secured a loan to cover up to (8) weeks of payroll expenses for all employees. Hopefully this message allows everyone to breathe a collective sigh of relief.
This is an opportune time to extend our gratitude to People’s United Bank for pushing our applications through as one of their first processed applications and approved loans. We’re one of the first companies of our size to be granted funding through the federal program. Many thanks to all parties involved, inside our company and out, for making this happen.
Please note that the bank has indicated that it could take up to (10) business days for the funds to be distributed, and for us to have access. As soon as that occurs, we will be increasing all employees who continue to work onsite their regular schedule with an additional $2 per hour in hazard pay for the length of the program (8 weeks). This rate will apply towards working hours only. It will not apply to any remote workers. We will notify you as soon as this happens.
As you may be aware, the SBA funds are being provided in the form of a forgivable loan. This comes with a degree of risk for the company. Though we’re operating under the assumption that the SBA will cover these loan expenses fully, there are several stipulations that need to be met to guarantee that happens. Employee retention is critical. As discussed, we intend to keep all of you working. If you don’t plan on continuing your employment, we need to know. The management team has put in countless hours to advocate for your well-being and we’re asking for your support and respect here.
If there are any circumstances that may hinder your ability to stay at work, please contact HR as soon as possible. We’ll work through each case together, but communication is absolutely necessary. Keep in mind that the leadership group and many other employees are relying on your integrity throughout this process.
We certainly hope that more of these correspondences will begin with the words “good news”. That’s a much easier memo to write. In any case, we’ll keep you abreast of the coming changes.
Thank you all for your cooperation. Stay safe.

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