Today is April 1st and we just wrapped up our 3rd virtual event this week. We partnered with HR Elements to discuss various business issues pertaining to the COVID-19 outbreak. Look for new webinars next week. We also interviewed Century Construction President John Hodge and shared his story below. If you need any assistance with anything, please reach out to me at pfrew@cbcky.com, Christine Barth, cbarth@cbcky, or Molly Weaver mweaver@cbcky.com. Thanks! CBC Executive Director Pat Frew
Nonprofit Resource
KY Nonprofit Network is a great resource for nonprofit organizations, especially to help navigate new disaster relief funding programs. View the KNN resource center, including recorded webinars at https://www.kynonprofits.org/coronavirus . View additional information on Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), and Expanded unemployment benefits through Families First Coronavirus Response Act (FFCRA)
Local pantry in need
Gateway’s Food for Thought Pantry has seen an enormous increase in students and families who are at risk of food insecurity. Food Donations are also being accepted every Wednesday from 12pm-4pm at Gateway’s TIE Urban Center Campus at 516 Madison Ave, Covington Ky. 41011. Please be sure to sanitize all food products prior to their donation, Thank you for your understanding. For any questions regarding donation or the food pantry please reach out to Sarah Young at sarah.young@kctcs.edu. To give a monetary donation to the pantry please see the attached link: https://gateway.kctcs.edu/giving/online-giving.aspx
Commonwealth of Kentucky
Yesterday, Governor Beshear announced additional steps to address the coronavrirus by expanding child care options for grocery writers and allow critical workforce sectors to rehire previously retired workers to fill key roles. Details at kycovid19.ky.gov.
City of Covington
Mayor Joe Meyer signed a new executive order to refund application fees for special events and refund on a prorated basis, the 2:30 am permits. Details here.
Spotlight on Century Construction
We’ve reached out to John Hodge, President of Century Construction about how his company has changed and adapted during this challenging environment in a Q&A format.
How has the COVID-19 affected your business?
- It has resulted in the cancellation of two contracts with clients in the aviation industry. Both contracts were very small, thankfully.
- It has resulted in at least the postponement of four projects in Ohio, one of which is significant and will have a major impact on our crew of eight that were working on it.
- It will continue to have a deep impact as projects are delayed, if not canceled, and we see a retreat from major capital expenses at a time of such uncertainty. The consequences to our supply chain, vendors and subcontractors will be severe and adverse and will impact us and our customers for a long time, I’m afraid.
How has COVID-19 affected your employees (both field and office)?
- It has resulted in at least one employee unable to work as his child as day care is closed.
- It has resulted in employees staying home for an extended period of time out of an abundance of caution or to confirm that they in fact do not have the virus
- Our office employees have been given the option of working from home this week and some will begin doing so.
- The uncertainty of what comes next has stressed everyone out tremendously.
You previously reference that you have prepared for something like this? Can you tell us how you prepared and for how long?
- By that I meant that we have always run the company on a fiscally conservative basis. We are not leveraged; we have zero debt of any kind. We have good banking relationships with a significant, preestablished line of credit. We have retained earnings over the past good years and as a result have adequate and liquid cash reserves. Cash is king. We can weather a financial storm.
Is there anything that you would like to add? Any successes or anything else good?
- Afraid not. It’s going to get worse before it gets better, but it will get better. Oh, and you only lose money in the stock market if you sell now. If you owned 100 shares of Apple in February, whether it be in your personal account or retirement account, and you haven’t sold, you still own 100 shares of Apple today. I believe in my company and US companies. We will come back from this.
