A Bartlett-based vinyl record manufacturing company, which was forced to close last month because of the coronavirus pandemic recently received some relief from the $349 billion U.S. Small Business Administration’s Paycheck Protection Program (PPP).
He said the loan will allow MRP to cover the payroll for the 115 full-time employees the vinyl pressing plant has kept on during the closure. The company’s payroll averages about $300,000 monthly.
MRP’s production shut down three weeks ago because of COVID-19 and will extend to five weeks by the end of April. Tenn. Gov. Bill Lee extended the the stay-at-home order mandating non-essential businesses remain closed at least until then.
Memphis Record Pressing is also looking at building a new, 33,000-square-foot facility adjacent to its existing site on Brothers Boulevard. Seavers said plans for the estimated $2 million facility have been push back to 2021.
For more information, please check out the full article from the Memphis Business Journal: