Grand Rapids Business Journal 04.13.20

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Photo entrepreneur looks to the future with loan. Page 2

The Business Newspaper of Metro Grand Rapids, Holland, Muskegon & West Michigan

Davenport enters a virtual world. Page 3 APRIL 13, 2020 VOL. 38, NO. 15

THIS WEEK

POOLE BUILDS ON EDUCATION Former Waste Management president now runs 60 Fusion Academies across the country. Page 8

Manufacturers answer the call Small and large West Michigan makers spring into action to produce critical medical supplies during the pandemic. Rachel Watson

Grand Rapids Business Journal

Forward looking DDA budget aligns with GR Forward plan and includes funds for river work, disability efforts and street spaces among planned projects. PAGE 3

Tower on hold The 24-story City Tower project downtown is in a holding pattern amid COVID-19. PAGE 3

West Michigan manufacturers are playing a firsthand role in an emergency production effort reminiscent of the mass mobilization that took place during World War II. Even before the Michigan Economic Development Corporation (MEDC) announced grants that would help businesses pivot to address the shortage of health care supplies during the COVID-19 pandemic, dozens of manufacturers in the region had already stepped up to the plate. Over a dozen of these West Michigan companies — many of which were not previously suppliers for medical markets — have been in touch with the Business Journal in the past two weeks to share the ways in which they are reconfiguring their teams and shop floors to develop and produce solutions for health

Rachel Watson

Grand Rapids Business Journal

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THE LISTS

The area’s top mergers and acquisitions firms. Page 4 The area’s fastest growing companies. Page 6

DOZENS OF STEELCASE employees have shifted to making personal protective equipment, including face masks, during the COVID-19 pandemic. Courtesy Steelcase

isolation rooms, minimizing airborne contagions from entering hallways and corridors to protect clinicians and other patients. •Nuvar in Holland is manufacturing medical masks, producing more than 3,000 in the first week. •JR Automation in Holland worked with General Motors to

build a mask assembly line in metro Detroit in just six days. •The logistics team at Inontime in Zeeland delivered sneeze guards to all 248 Meijer stores in the U.S. •Primera Plastics in Zeeland is making disposable face shields. Continued on page 8 8

CARES Act guidance for small businesses Hackers Attorney shares zoom in details of first wave of resources as nation on COVID waits for additional stimulus funds.

RUBBER MEETS ROAD West Michigan freight company rolls through trucking industry’s recession.

care professionals and others during this crisis. A partial list of area businesses that have joined the fight against COVID-19 is as follows: •Laird Plastics in Kentwood is working with the State Emergency Operation Center (a joint operations center of Homeland Security and the Michigan State Police) to provide 100,000 protective face shields. •2Gen Manufacturing, an injection molding company that opened last fall in Grand Rapids, is now producing eye protection frames and sample first parts on a mold to make a face mask. •Atlanta-based G95 is now making the Bioshield mask at the Ladder 34 facility where it does production in Cascade Township. •The ReChaco sandal repair factory in Rockford is producing masks and other personal protective equipment (PPE) on its sewing machines. •Stryker in Kalamazoo just rolled out a low-cost emergency response bed that is designed to accommodate the unique needs of COVID-19 patients. •Altus in Walker is making mobile ventilator and telemedicine carts. •Cascade Township-based Clean Rooms International reconfigured stock HEPA filters to create a new product that allows hospitals to convert standard patient rooms to

A local attorney recently shared guidance on the resources available for small businesses in the CARES Act stimulus package and recommended entrepreneurs keep a close eye on the news and consult their legal counsel as further assistance potentially emerges. Matt Johnson — an attorney and partner with Grand Rapidsbased Warner Norcross + Judd who represents closely held and family-owned businesses and chairs the firm’s business practice group — spoke to the Business Journal April 6 on aspects of the CARES Act designed to address the needs of small businesses and entrepreneurs during the COV-

ID-19 pandemic. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) that was signed into law March 27 includes two divisions. Division A includes programs to benefit individuals, companies and the health care system affected by COVID-19. Division B describes the supplemental appropriations to help the government respond to COVID-19. Title I of Division A, called the Keeping American Workers Paid and Employed Act, includes the Paycheck Protection Program (PPP), Disaster Loan Program, SBA Express Loan Program, Entrepreneurial Development Programs and State Trade Expansion Program. Johnson cited a CARES Act summary pubJohnson lished by Warner Norcross on March 29 that noted the PPP amended the Small Business Act

Find the latest news every day at grbj.com

CONTENTS Vol. 38, No. 15

© Entire contents copyright 2020 by Gemini Media. All rights reserved.

to create a program that runs Feb. 15 to June 30, 2020, in which the U.S. Small Business Administration (SBA) may provide, directly or in cooperation with banks, 100% federally backed loans of up to $10 million, forgivable if used for certain expenses, to eligible businesses out of a $350 billion fund. According to the Warner Norcross summary, the loans “will not require security or a guarantee, will not require that an applicant be unable to obtain financial assistance elsewhere, and the SBA is waiving all loan application fees for borrowers.” Regarding eligibility for loan forgiveness, according to an interim final rule the SBA issued on the PPP on April 2, the loans are forgivable if 75% of the approved amount is used by the business for payroll. The remaining 25% may be used for rent, utilities and mortgages during the eight weeks after origination of the loan. The amount forgiven will not be included in gross income for tax

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Inside Track............9

Change-Ups.......... 12

Guest Columns....10 Other side of COVID

Calendar................ 12 Public Record....... 13 Street Talk ............14

Teleconferencing platforms are not immune to disruptions, but there are steps you can take. Ehren Wynder

Grand Rapids Business Journal

During the COVID-19 pandemic, and Gov. Gretchen Whitmer’s executive order for residents to “Stay Home, Stay Safe,” many residents and essential businesses have turned to teleconferencing platforms like Zoom to stay connected, but according to FBI statistics, there has been a rise in teleconference hackings across the U.S. The state of Michigan has seen Continued on page 11 8

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