COVID – Week 2 Update

by | Mar 26, 2020 | COVID

WEEK TWO THEME: GO TO YOUR HOME

As we all know, we are now required by law to stay home unless we are performing work deemed essential according to the U.S. Department of Homeland Security and the State of Michigan’s Sequester in Place laws. Although there are jokes going around about being home with family, we are well aware there is nothing funny about this. Both the health crisis and the economic impacts will be significant.

State and Federal regulators are working on a wide variety of benefit and support plans. It is still not clear what will be available, but your management teams are meeting twice daily as a group and non-stop between those meetings to identify and address employee concerns, customer concerns and learn what we can about this ever evolving situation.
The major events we are dealing with are:

  1. Health: To date, no Coastal employee has tested positive for Covid-19.
  2. Employment: Many of our team members have been laid off and we are learning about the programs aimed at minimizing the hardship this creates. We expect to know more by the end of the week and we will communicate what we have learned then.
  3. Customers: Container has been deemed essential and several Automotive customers are waiting to be classified. Container is running with staffing consistent with demand. Day by day, what is “essential” is being clarified. To date, we have met all obligations.
  4. Cash Flow: Deposits from customers have dropped off and vendors are still expecting payment. The finance teams are doing all the right things to prepare for a restart when the government says “go.”

LANSING AND WASHINGTON DC
State and Federal regulators are working on a wide variety of benefit and support plans.

  1. Unemployment benefits
  2. Families First Coronavirus Response Act
  3. Several versions of economic and personal stimulus packages.

We have our business well under control, and we have done the necessary things to protect us and prepare us for a quick return to work for us all when it is deemed safe to do so. What we don’t know, but will soon, is how the government will be helping in this matter.
Rest assured that as soon as we know anything, we will get you the information and all possible help we can provide.
This will end,
Paul