It Works! Returns $2+ Million SBA PPP loan
PALMETTO, Fla., April 23, 2020 /PRNewswire/ -- It Works!, like many other companies, was approved to receive money through the federal government's Small Business Administration's Paycheck Protection Program. The fast-growing consumer lifestyle brand and direct sales company decided to decline to close on the approved loan of $2.7 million dollars from the SBA.
Since the company has fewer than 500 employees, it had previously applied for the PPP in the interest of prudence as it transitioned its employees in the U.S. from working in the office to working from their homes.
Following that transition, the company continues to see stable and growing sales in April. To that end, the company opted not to close on the loan and hasn't faced any furloughs or layoffs during the COVID-19 crisis.
"We decided to give the small businesses that are in greater need the opportunity to receive these funds," said founder and CEO Mark B. Pentecost. "It Works! continues to grow during this time and we don't want to take the money from those who need it to survive and thrive."
The company's U.S. staff has grown from 20 to a staff of more than 160 in the past seven years.
"Many companies are hurting or failing," Pentecost continued. "We were still a fledgling company when The Great Recession of 2007 through 2009 impacted so many businesses. We were able to push through it and we want to ensure that other companies have the same opportunity."
In 2020, the It Works! Gives Back Foundation donated $26,000 to Samaritan's Purse, an organization providing spiritual and physical aid to people around the world. With the onset of COVID-19, Samaritan's Purse's focus is to set up field hospitals in Europe and the United States to assist with health care relief on the front lines.
Founded in 2001, It Works! is one of the fastest-growing consumer lifestyle brands and direct sales companies. It Works! offers a variety of daily-use, results-driven products, including its signature Skinny Brew, a coffee that helps burn fat and enhances energy with five plant-based sources of caffeine. It Works! currently offers more than 30 beauty and nutrition products in 22 countries, with more than 100,000 independent distributors worldwide. Visit www.myitworks.com for additional information.
For additional information, interview and image requests, contact It Works!'s PR agency, Axia Public Relations at 888-PR-FIRM-8.
News Contact:
Marjorie Comer
Axia Public Relations for It Works!
816-674-1715 mobile
SOURCE It Works!
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