Spectacular Solar applies for disaster loan to keep entire workforce

New Jersey-headquartered solar installer Spectacular Solar Inc (OTCMKTS:SPSO) has applied for a disaster loan from the US Small Business Administration (SBA) to ensure it has the funds needed to cover payroll.

CEO Doug Heck said in a letter to shareholders and potential investors that the company has not yet laid off any personnel and does not plan to either.

“Loans such as these, when acquired for the purposes of covering payroll, are eligible for forgiveness, so it is our hope to acquire this funding to soften the blow while keeping paychecks coming for my employees,” Heck commented.

Spectacular Solar’s office in Rahway, New Jersey, is now closed due to the COVID-19 situation, with just essential personnel continuing work from home. According to Heck, the sales team has managed to close some residential deals through a variety of online means to connect with clients. However, the bigger deals that require meetings with a significant amount of people have been shelved for now.

Meanwhile, the firm still has roofers that work on a number of projects, though only outdoors.

Because of the lack of human resources, Spectacular Solar has failed to complete the ongoing audit of its financial reports by March 31, 2020, and will have to use the extra time offered by the US Securities and Exchange Commission (SEC).

The company added it is still actively attempting to repurchase older stock certificates but will refrain from buying shares on the open market until later in the year.

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