When the Governor of Michigan issued a shelter-in-place order, this electronic manufacturing company was forced to shut down their operations at that location. In addition, the majority of their customers are in the automotive industry and the temporary closure of those plants has drastically reduced shipment volume.
The company is working to preserve capital and has furloughed all direct and indirect employees. In addition, they issued 20-percent reductions for all salaried employees. They have also sopped all variable expenses. While they expect to rebound, they estimate it will be a few months, at least before they start to see production at full capacity.
*These case studies are provided for informational purposes. The names of the customers and the specific details of their business and situation have been withheld. Qualification for Onset’s COVID-19 Relief Program is subject to review and approval by Onset and its underwriters.
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