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As someone who is ultimately responsible for the decisions impacting cash flow and treasury functions, the PPP program was a great success. At CompassX, during what was a once-in-a-one-hundred-year black swan event, the PPP loan was used to pay and retain impacted employees and then hire anew as the business environment improved.
Audits and reviews were performed by the Small Business Association, a prominent regional bank, and a national CPA firm to ensure appropriate controls and compliance. Ultimately, I needed to personally guarantee any loans with my family’s personal assets.
As with any government assistance program, there will always be fraud and mis-use. I hope those cases are discovered and prosecuted to prevent inappropriate allocation of taxpayer dollars. CompassX was a net positive job-creator during that season of uncertainty, exactly what the PPP program set out to do.
Towards the tail end of the pandemic, a majority of our employees wanted more opportunities to meet up (both informal and formal). These events are always optional and allow us to build intra-company relationships, recognize the great work our team members achieve, and have fun! At CompassX our most important core value was and remains “Team & Family.” We will always strive to present opportunities for people to connect to build an inclusive, team-centric culture despite being part of an industry that tends to be physically remote and decentralized.
- Kyle Heppenstall, Founder and President