From 14th District congressional candidate Jim Oberweis:
Jim Oberweis Statement on PPP Loan to Oberweis Dairy
Sugar Grove, IL – Below is a statement from Jim Oberweis on the PPP loan Oberweis Dairy received as well as a statement from Oberweis Dairy.
Statement from Jim Oberweis:
Oberweis Dairy did receive a PPP loan. The loan was used to pay for salaries and benefits for the company’s employees
PPP was passed by Congress and signed by the President to save the jobs of millions of workers who were at risk of unemployment or reduced employment because of the forced closure of the economy as a result of COVID-19. Oberweis Dairy applied for and was granted PPP funding to save the jobs and paychecks of its employees during this unprecedented time.
Jim Oberweis is Chairman of Oberweis Dairy. He receives no salary and his role in the company is advisory. His son, Joe, is President and CEO and runs the company.
The company also issued the statement below:
Oberweis Dairy was one of many businesses across the country that received a PPP loan while faced with unprecedented economic uncertainty. Similar to most retail businesses, we were undoubtedly concerned about the survival of our business given that we couldn’t confidently foresee what parts of it would be allowed to operate.
All of the proceeds of the PPP loan were used to pay employees or to pay for their benefits as the PPP program was designed. Our participation in the PPP program enabled us to continue to operate each of our restaurants and ice cream stores – many of which saw swift and significant sales declines – and keep all employees working. Without the PPP, at a minimum it would have been prudent to close all restaurants and some ice cream stores that we operate for some period of time (and therefore layoff the impacted employees).
We are pleased to report that we have experienced zero closures, layoffs, furloughs, forced reduction of hours, or compensation reductions. In addition, we were able to offer a variety of temporary benefits to our employees (most of whom were on the front lines through the height of the coronavirus uncertainty) including paid time off for employees recommended to quarantine and direct additional pay for crew, shift leaders, and managers in our stores and restaurants, production, lab, building maintenance, and warehouse team members, customer service representatives, drivers, mechanics, and home delivery managers.
We cannot foresee what the next 6-12 months will bring for our business or any other, but we are working to be prepared to weather those storms that are undoubtedly still in front of us.