RUSSELLS POINT, OH – Monday, U.S. Senator Rob Portman (R-OH) visited World Class Plastics Inc., a provider of thermoplastic injection molded products and services.
While on the tour, Portman visited with employees and discussed with the company’s leadership the Paycheck Protection Program (PPP) loan it received that was made possible thanks to the bipartisan CARES Act, which Senator Portman supported and was signed into law by President Trump. The company has shifted some of their production to face shields, face masks, and plastic tools for opening doors and pushing buttons without needing to touch public surfaces to help with the COVID-19 response. In addition, the company has been able to maintain payroll for their 96 employees because of this loan.
“I had a great visit this afternoon with the leadership and employees at World Class Plastics to discuss how the Paycheck Protection Programs helped them and other small businesses across the country survive the ongoing COVID-19 pandemic. This pandemic is not just a serious health crisis, but it is also having a serious impact on Ohio’s economy. I was pleased to hear that World Class Plastics was able to use their PPP loan to help keep their workers on payroll, with their health care and other benefits, during this unprecedented time,” said Portman. “One of the big goals of the CARES Act was to ensure our businesses can stay and the fact that millions of American small businesses have taken advantage of this important benefit is further proof that the program is working and helping keep folks employed across the country.”
The PPP, created in the CARES Act, provides loans that effectively become grants if the borrower satisfies the forgiveness requirements in their spending of the loan proceeds. To receive full forgiveness, the borrower must spend no less than 60 percent of the loan proceeds on payroll costs and no more than 40 percent of the proceeds on non-payroll covered costs.