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Financing Challenge:
boutique-law-1500A food and candy manufacturer in an economically distressed part of the Northeast changed ownership in March 2020. As part of the purchase agreement, the new ownership had to continue to employ ALL the employees from the old company. Days later, the impact of Covid-19 hit the region. This company is the largest employer in a very small town, with 120 jobs. The Company is the town, and the town is the Company! While keeping these people employed is at the essence of what the CARES Act and PPP Loans are all about, the specific requirements for qualifying for a PPP Loan (an ongoing business as of February 15th) left this company "falling through a crack". The new owner and his team were rejected in their initial attempts to apply for a PPP Loan. The Company learned how Asset Enhancement Solutions LLC ("AES") was providing VIP treatment to PPP loan seekers and the COO of the Company called AES for assistance.

Financing Solution:
The COO spoke at length with an AES senior consultant who is a senior level banking professional and knows how to quickly assess a business situation. Our senior consultant advised the COO exactly what to include in a detailed email that should be sent to the PPP Team at AES to review. AES received the email from the COO at 6:31 p.m. on Tuesday May 5th and immediately sprang into action. AES had been assisting companies large and small nationwide with complex PPP issues, but this was a situation where our team had the opportunity to make a big impact. The best way to describe how we assisted this Company is by the following timeline:

May 5, 2020

4:09 p.m. - COO of Company leaves message for AES PPP Team

4:15 p.m. - AES consultant diagnoses the situation and advises COO as to what to do

6:31 p.m. - AES receives email from COO describing desperate situation asking for help

7:04 p.m. - AES requests pertinent information from Company needed to tell the story

7:16 p.m. - AES emails EVP and underwriters at bank advising them about Companyv

8:38 p.m. - AES emails fact pattern to PPP eligibility expert that we have on retainer

8:54 p.m. - AES emails Deputy Director of the NY Office Office of the SBA, “Whole Town in Upstate NY Depends on this Company for their Survival”

9:07 p.m. - AES emails SBA lender on LI and attorney for SBA lender for intro to high level SBA officials

9:42 p.m. - AES emails NY Congressman Peter King for assistance for this New York company

9:55 p.m. - Congressman Peter King emails AES that he has his staff looking into this

May 6, 2020

8:22 a.m. - LI SBA Branch Manager forwards AES email to SBA Deputy District Director in Upstate NY

8:47 a.m. - Upstate NY Deputy Director advises Company that per FAQ 38 they should be eligible for PPP

9:10 a.m. - COO of Company calls Upstate NY Deputy Director to thank him for email and call

9:48 a.m. - COO of Company thanks AES for its rapid response

10:00 a.m. - AES senior consultant assists Company's controller with PPP application

11:00 a.m. - AES senior consultant contacts lender to alert them to Company's eligibility per FAQ 38 and asks lender to expedite processing of Company's PPP application due to the extenuating circumstances

May 7, 2020

9:00 a.m. - AES PPP continues to liaise with lender and Company, troubleshooting all issues that arise

May 8, 2020

12:06 a.m. - COO advises AES that they were approved by the SBA for their PPP loan and states, "I can't express in words my sincere appreciation for what the AES PPP team did to help us get approved by the SBA".

"It takes a Village"! AES is extremely proud to have coordinated the efforts of the different people and organizations that helped the Company secure its $1,100,000 PPP loan. It was the teamwork and passion of so many people that made this happen!

Contact
Neil Seiden, 516-767-0100
neil.seiden@assetenhancement.com

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