As a full-service marketing company, this customer saw business drop considerably when widespread shutdowns hit. Most of its clients are in the retail and restaurant industry. And, many of them closed their doors – and are only now slowly re-opening. As a result, this marketing company projected short-term sales reductions between 50 and 80-percent. The management team furloughed employees, implemented shortened workweek schedules and pay reductions. They also negotiated 50-percent rent deferrals on most of their buildings. Many of their clients are working on COVID-19 campaigns. That’s good news as they expect to be busy once retail and restaurant business can re-open. They approached us in hopes of getting relief as well. We were able to provide 90-day deferrals, which will help them lengthen the runway as they work through the crisis.
*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.
90-Day Payment Deferral