MMA October: COVID-19 Financial Tips
COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. The combination of supply chain issues, workforce concerns and reduction in orders created a “perfect storm.” Fortunately, many manufacturers are surviving the initial challenges through lines of credit, low interest loans and government programs such as the Paycheck Protection Program and Economic Injury Disaster Loans. The pandemic caught many manufacturers off-guard resulting in trying circumstances. The best way to ensure resources are protected is to develop a comprehensive plan for the next 12 to 18 months. Shareholder Jim Biehl shares financial tips for managing the ongoing COVID-19 fallout in the October issue of the Michigan Manufacturers Association (MiMfg) magazine.