56 THE DISTRIBUTOR’S LINK SOMETIMES HERD MENTALITY IS GOOD In recent weeks, the Federal Government has pushed forward an array of plans and programs to fight the economic effects from social isolation associated with the COVID-19 outbreak. Given the complexity and urgency surrounding the Payment Protection Program (PPP), there was a lot of confusion and frustration in interpretation. Worse, as details emerged for the potential of loans to be converted to grants, the demand was most likely going to outpace the funding. Acting on instinct, the Fastener Advisory Board (aka FAB Group), a peer group consisting of Nick Ruetz of AIS, a division of MSC; Adam Pratt of Sherex Fastening Solutions; Giovanni Cespedes of Falcon Fastening Solutions; Doug Ruggles of Martin Fastening Solutions – and current NFDA President; Tim O’Keeffe of G.L. Huyett; and Matt Goldberg of AMPG; quickly met to discuss and learn from one another on how to navigate the complexity. Ruetz responded immediately, “We called for a weekly meeting via ZOOM. While we are not eligible BUSINESS FOCUS ARTICLE for the PPP program, I knew I could gain value from supporting a weekly meeting in ways beyond just the PPP.” Ruetz hosted a Microsoft SharePoint platform that allowed FAB members to share forecasts, sales, and bookings, even though Ruetz could not share due to SEC restrictions. “Those forecasts have helped us to plan, especially in contrasting the local economic conditions across our different geographies. Each location is unique not only in geography, but in industries serviced. Being able to see FAB forecasts in their own sub-markets has given me enhanced insights.” Pratt was quick to share the best practice of opening a unique and segregated PPP bank account in order to simplify documentation to qualify for the grants after June 30. Ruggles – who serves on the board of a bank in Huntsville, AL, – was able to share SBA documents quickly due to his connections. Once the CARES Act was passed on March 27, loan applications were accepted beginning Friday, April 3. Nearly all of the qualifying FAB members submitted on April 3. CONTINUED ON PAGE 126
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