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Metals Business Adapts to Safety Measures, Cost Management

Podcast recorded: April 24, 2020

Jerry Goodwald is president and CEO of GEM-Ash Processing in Minneapolis. He holds deposit accounts at Stearns Bank and has completed several rounds of equipment financing – including a recent loan under the Paycheck Protection Program. Here, Jerry discusses how he is adapting during the COVID-19 lockdown. Keeping employees safe is a priority. He also is adjusting his cost structure in response to falling commodity prices.

Lessons Learned

  • An established relationship with your bank leads to faster response during a business crisis. Your lender has a better understanding of your business and financial history.
  • Supervisors should monitor employees during a period of workplace restrictions and social distancing. Your presence reminds them to observe the new rules and stay safe.
  • Accurate financial records and documentation are vital if a business has received PPP funds. To qualify for loan forgiveness, funds must be used for qualified business expenses. See PPP documentation for details.
  • A plan and budget for spending PPP funds within the defined period is important to meet program requirements.

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