MMAC President Tim Sheehy hears about the application process for small business loans from Caroline Gardner, Managing Director/Corporate Advisory at BMO Harris Bank. And Dan Cahalne tells how American Roller & Plasma Coatings is managing changes to every aspect of its operations. Dr. Steve Kroft, Chair of Pathology at the Medical College of Wisconsin updates us on the status of testing for COVID-19.
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Caroline Gardner Managing Director, Corporate Advisory, BMO Harris Bank
- The CARES Act represents the third phase of government relief, with the Paycheck Protection Program (PPP) providing up to $350 billion in loans up to $10 million each to entities with fewer than 500 employees.
- These loans will flow through 2,400 participating financial institutions) to their customers, including private companies, non-profits and some classes of self-employed individuals.
- Banks have been overwhelmed with verifications of payroll, numbers of employees, etc.
- The site set up to process these transactions has not been able to keep pace, but improvements are coming.
- Best way to access PPP and other relief funds is to maintain regular contact with your current banking partner
- Start by filling out the application ASAP
Visit MMAC’s coronavirus resource page for additional information on loan programs.
Dr. Steve Kroft
Chair of Pathology, Medical College of Wisconsin
- The availability of COVID-19 tests remains a challenge throughout the U.S. even as additional tests have been developed (beyond the CDC “gold standard” test)
- Some of these tests require sophisticated lab equipment, which in many cases is on back order
- The quality of the test depends on the skill of the individual conducting it; false negatives are possible
- Tests to determine if antibodies are present in an individual have rapid turnaround for results; use small blood samples, similar to glucose tests; and are easy and inexpensive to produce.
The downside: there can be a lag time between symptoms, recovery and the presence of antibodies; we don’t yet know the degree of protection antibodies provide; and there is the potential for false positives
Dan Cahalane President and CEO, American Roller Company
- American Roller employs 300 across 5 states and has a location Shanghai, China
- Experience in China is encouraging: more people returning to work and life after Coronavirus – China is more likely to experience a “V” recovery vs. “U.”
- Company has applied for SBA loans, waiting for confirmation
- “If we don’t take care of our employees, nothing else will matter”
- Focus on facts, best practices, hard data and models, NOT headlines
- Empower your leaders to make decisions based on circumstances they are experiencing on the ground
- Encourage employee-driven suggestions
Keep learning as you go