BUSINESS OUTLOOK & COMPANY HEALTH UPDATE
UPDATE #11 – 4.2.20
We continue to monitor and adapt to the changing environment. It has been difficult as things are changing hour by hour and day by day. Our team continues to push through on the projects that are underway. We continue to have 0 positive cases of COVID-19. The future continues to be muddy and we continue to keep looking at what we can or can’t do. I find we are in a great place considering where other electrical contractors are across the country.
New news from today?:
We are NOT finding the stimulus package helping out our company from the SBA loans and the tax credits with FFCRA. We have legal, CPA’s, bankers all trying to look through to see what can or can’t happen. If we look at the company collectively, we find ourselves outside the 500 employee threshold and therefore the stimulus package doesn’t apply. This is what we know of as of today…
Where are we project wise?:
On the project side of things, projects continue to push forward and the construction industry is still considered essential. There are NO new projects pushing out and we still have ZERO projects being cancelled.
We are still anticipating Southwest Hanger in Colorado being pushed, but we have not heard on the final word.
On a great note; Austin received notice today that commercial construction is essential. Even though all projects had continued, it is comforting that the Government is acknowledging it.
I am (we) looking at the project(s) that pushed and seeing what shifts will happen in our company plans. Most of the company is tied to the projects, so as long as the projects keep going and work keeps coming in, we can keep people employed. I am (we) looking at what are the affects of the job pushing and the impacts of the recession long term. You might hear the departments looking through any costs we can cut to make sure we are financially strong. The team is working hard identifying what are the needs. We are planning to let everyone know next week on the changes our company will be making over the next several months.
I want everyone in our company and all our families to keep out of the hospitals. I am sure you heard by now that we are anticipating our daily peak to hit mid-April. We need everyone healthy as we push through this summer. The governor is anticipating needing 1,000 temporary beds in May and another 5,000 over the summer. I do not want any of you in those beds :-). There were 300+ people on the AGC call this afternoon and it was discussed that all the jobsites need to step up and provide the requested items from the AGC. This is being monitored by outsiders, so make sure we are doing our part! We do not want construction to be shut down.
Thank you all for helping the company push through as a team! God bless and have a safe night!
Chief Executive Officer | Weifield Group Contracting