The Coronavirus Aid, Relief and Economic Security Act is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn.
Within the Act, $350 billion are allocated to small businesses under the Paycheck Protection Program. A small business is defined as a company with 500 or fewer employees.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities.
However, like most contracts, there are important certifications that must be adhered to, and false statements can result in fines and potential imprisonment time.
How Can OMT-Veyhl Help You Comply?
Under the application to the CARES Act, someone must certify that to the extent feasible, they “will purchase only American-made equipment and products.”
While many other supply chain companies are offshore, OMT-Veyhl is a domestic company that you can count on. We design, engineer, and manufacture components for the contract furniture industry. As a fully integrated supply chain partner, we provide manufacturing, packaging, shipping, and fulfillment to your factory, distribution center, or drop shipping to your end customer.
At OMT-Veyhl, we are committed to you. Whether your need is to enhance an already existing product or collaborate to create exclusive new products, we can help you take an idea to a manufacturing-ready prototype in as little as a week.
Benefits to Buying From USA-Based Companies
In addition to simply complying with the CARES Act, buying domestically has a long list of benefits and hidden cost savings.
Long lead times, high minimum order quantities, limited custom options, slower response times, and unpredictable quality controls are just some examples of how you might end up swimming in hidden costs and headaches when you buy offshore.
However, OMT-Veyhl understands that your success depends on reliability and trust. For more information on how OMT-Veyhl can support you and your needs, contact us today. You might be surprised just how empowering working with OMT-Veyhl can be.