The PPP has enabled Sign Effectz, Inc. to continue serving customers.
MILWAUKEE (PRWEB) August 12, 2020
Company President Adam Brown released a statement regarding the impact the federal Paycheck Protection Program (PPP) had on custom sign company, Sign Effectz, Inc.
Back in March, things were heating up for small businesses. The COVID-19 pandemic was in full swing and the economic lockdown was relatively new. Understandably, many business owners were staring down prolonged uncertainty.
RAMPING UP QUICKLY
Sign Effectz, Inc. is a prime example of how the PPP program has benefited one small business. It kept all of the company’s crews on the job. Team members were understandably concerned about the health of themselves and their families. However, most employees were prepared to move forward with work amid the economic shutdown. Managers ramped up quickly on how to run the business under the appropriate compliance regulations and guidelines.
The benefits from PPP are not just monetary. A great deal of time and diligent effort goes into creating a great work culture. It shows in how strong the company’s employee retention rate is. Keeping the employees at work helps maintain the value of those efforts.
Even though the PPP process seems to be changing daily, every modification has seemed to be beneficial. It appears that the intent of the Small Business Administration is for the majority of the smaller loans to be forgiven. And if not forgiven, any fund balance would be at a 1% interest rate, which is almost unheard of.
WHAT’S HAPPENING TO THE TOP & BOTTOM LINES
Because of the economic shut down, company sales were down about 50% in March and April, but PPP allowed management to maintain cash flow and not have to send employees home. That kept one little economic engine running.
Some customers held back on purchases due to the uncertain future. Although Sign Effectz, Inc. is practicing austerity like other businesses in the sign industry, there are strategic areas where not only sustainability was maintained but growth initiatives will continue.
The company goal has always been growth, not just survival. That means investing money back into the system. Money that doesn’t belong under the mattress. It’s imperative that Sign Effectz, Inc. invests in people and equipment for the success of the business. Some of those investmentss will continue as planned and go into hiring another salesperson by the end of the year, ADA signage manufacturing, replacing dated manufacturing equipment and/or installation equipment, and upgrading the IT system. Thanks to PPP, these initiatives were not put on the back burner.
The PPP has enabled Sign Effectz, Inc. to continue serving customers with the following sign services and products:
- Sign design and fabrication
- ADA signage
- Architectural and building components, like sun control devices and canopies
- L.E.D. lighting
- Sculpture and kinetic art
- Sign maintenance and repair
2020 is going to go down in history. People will wonder what it was like to live through the pandemic. It may even be akin to the economic devastation of the Great Depression.
However, this country’s overall economy is going to be much stronger after the pandemic has subsided. The PPP funding should be noted as a big contributor to that.
This management team salutes all employees for working through the pandemic. Employees are the biggest asset any company has. The PPP worked very well for Sign Effectz and it certainly served other companies just as well.
Obviously, the Covid-19 pandemic is far from over. Anxiety and uncertainty still present challenges. However, this company has established how to manage the business better in these challenging situations. It’s allowed for “forced improvements” that were unforeseen.
Great companies do not stay pinned down forever. Determination supersedes fear. This company’s determination to move forward takes on a whole new momentum. The virus is a bully that needs to be defeated. And the PPP gives us business owners a tool to stand up to that bully. It helped Sign Effectz, Inc. get ready for the next round in a battle the company is determined to win.