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FreightCar America 2Q21: We ve Achieved the Majority of Our Goals
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North American Morning Briefing: Weak Chinese -3-
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This story was originally published by ProPublica.
Late last summer, after churning along through the pandemic with only a two-week pause, managers at FreightCar America called hundreds of workers into the break area at the companyâs factory near Muscle Shoals, Alabama, to tell them that the plant was closing for good.
For some employees, the news wasnât a shock: Theyâd been hearing rumors that management would move the work elsewhere for years. The timing, however, seemed odd. Only a few months earlier, the publicly traded company had received a $10 million Paycheck Protection Program Loan â the maximum amount available under a pandemic relief program designed to keep workers employed. Some had believed the funds would keep the doors open for a little while longer.
One Company Received the Maximum Possible PPP Loan, Then Moved Jobs to Mexico
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This Company Got a $10 Million PPP Loan, Then Closed Its Plant and Moved Manufacturing Jobs to Mexico Details
BUSINESS OR FUNNY BUSINESS-Late last summer, after churning along through the pandemic with only a two-week pause, managers at FreightCar America called hundreds of workers into the break area at the company’s factory near Muscle Shoals, Alabama, to tell them that the plant was closing for good.
For some employees, the news wasn’t a shock: They’d been hearing rumors that management would move the work elsewhere for years. The timing, however, seemed odd. Only a few months earlier, the publicly traded company had received a $10 million Paycheck Protection Program Loan the maximum amount available under a pandemic relief program designed to keep workers employed. Some had believed the funds would keep the doors open for a little while longer.