Private sector innovation, and collaborative partnerships between business and government were spotlighted Monday with a visit from Sen. Rob Portman to one of the region’s leading producers of thermoplastic injection molded products and services.
Sen. Portman (R-Ohio) toured the World Class Plastics Inc. facility, 7695 State Route 708, Russells Point, talking with company leaders about how they navigated the economic shutdown and made use of Paycheck Protection Program funding from the federal government.
World Class Plastics received about $980,000 in PPP funds, which were used to help keep the company’s 96 associates employed despite the shutdown. Business has begun to recover for World Class Plastics, as revenue for the company approaches totals for the same period last year, according to discussion during the tour.
Without that influx of federal assistance, company officials estimated approximately one-third of the positions at the company were at risk to lose their jobs.
World Class Plastics is a primary supplier of parts for several area auto manufacturers. When manufacturing ceased because of the coronavirus-related economic shutdown, World Class Plastics demonstrated tremendous ingenuity, Portman said, transitioning from a parts supplier to a local leader in the production of personal protective equipment.
The company shifted a portion of its production to face shields and masks, and plastic tools for opening doors and pushing buttons without needing to touch public surfaces to help with the COVID-19 response.
Like many businesses, World Class Plastics has exhausted its first round of PPP funding, and Portman indicated Monday he believes another round of funding will be distributed by the end of the year, but would not be made available to every business.
“A second round of PPP funding would be much more targeted,” Portman said. The senator said Republican legislation proposed in the Senate would be made available for businesses that have revenues down 35 percent or more since last year.
Most likely, that “more narrow” funding would be reserved for restaurants, movie theaters and other indoor entertainment venues such as bowling alleys.
“I had a great visit with the leadership and employees at World Class Plastics to discuss how the Paycheck Protection Programs helped them and other small businesses across the country survive the ongoing COVID-19 pandemic,” Portman concluded.
“This pandemic is not just a serious health crisis, but it is also having a serious impact on Ohio’s economy. I was pleased to hear that World Class Plastics was able to use their PPP loan to help keep their workers on payroll, with their health care and other benefits, during this unprecedented time.”
Sen. Rob Portman tries on a plastic face shield component produced by World Class Plastics in Russells Point as Dave Wisniewski, left, and Scott Wisnieski, right, look on Monday during a local visit highlighting private sector’s use of PPP funds and how many businesses adjusted their business models to stay profitable and keep associates employed during the shutdown. (EXAMINER PHOTO | NATE SMITH)