April 22, 2022. Weby Corp/Gritr Sports & Outdoors. Press Release
On April 13, 2022 Weby Corp DBA Gritr Sports & Outdoors made its last repayment of the PPP loan it received from the Federal Government back in the spring of 2020 during COVID-19 pandemic. All the tax payer money has been returned to its rightful owners.
In May 2020, the future looked uncertain for Weby Corp. Being Texas based, the company fit the local government’s definition of “essential” and was allowed to operate its ecommerce and Amazon business units. However, the retail and range operations had to be shut down and moth balled until further notice. Employees were worried about being furloughed or terminated completely as many businesses were going through crisis associated with COVID-19 pandemic. The demand for consumer products in sporting goods and active lifestyle categories looked uncertain.
Federal government released its PPP loan program to small businesses in Spring-Summer of 2020. Plains Capital Bank, Weby Corp’s financial partner, offered to guide the company through the application process. Management team thought it wise to participate in the program due to the uncertain future at the time. With the help of Plains Capital, Weby Corp received its loan and used it to offset the dip in the cash flow during the summer months of 2020.
The resilience of the employees, their commitment to servicing the customers, and the desire of consumers to spend time outdoors during the pandemic led Weby Corp to a record breaking year in 2020, followed in succession by even bigger growth in 2021.
When Plains Capital Bank asked Weby Corp in 2021 about applying for PPP loan forgiveness – the management team decided that it would be better to repay American taxpayers who funded the PPP program.
One of the management team members commented on the decision:
through hard work of our employees and the loyalty of our customers – we were blessed with exceptional financial returns. It is our corporate and personal responsibility to return the funds that the taxpayers trusted us with since we did not end up needing them as much as other small businesses. Our hope is that they can be put to better use. It is simply the right thing to do.
The company entered into a 12 month repayment plan and by April 2022 fulfilled its obligation in full.