Worcester Business Journal

wbjournal.com | May 11, 2020 | Worcester Business Journal 7 We got our coronavirus bailout F L AS H P O L L Did your company receive a Paycheck Protection Program loan through the Small Business Administration? The U.S. Small Business Administration ran through the first $349 billion of the Paycheck Protection Program coronavirus bailout money in 13 days, and 47,000 Massachusetts small businesses received loans through this first round. Congress has approved another $310 billion for a second round of the program. When polled online, more than half of WBJ readers said their companies have received their PPP money. 10% No, but we intend to apply in the second round. W Local Business News Reliable news to your inbox every weekday. SIGN UP HERE >> Worcester Business Journal WBJ COMMENT: "If you were a new company or had no debt, round one was who do you know or you got lucky." Yes, we were approved and have received our money. 53% No, we were approved but haven't received the money yet. 15% No, we don't plan on applying. 22% Worcester index shows dropping economy An economic index for Greater Worcester shows the region's economy fell by 1.6% in the first quarter, a decline its author says underestimates the hit from the coronavirus pandemic. e data Assumption College economics professor omas White uses to create the Worcester Economic Index is collected during the second week of each month, which missed the bulk of business closures taking place mid-March. e index, which takes seasonal fluctuations into account, also shows a negative trend before the pandemic even hit. January had a 0.2% drop from the previous month, and February a 0.1% drop. New business corporations were down 7.9% for the quarter compared to a year prior. New digital reporter joins WBJ staff Monica Busch, who has written for publications in Fitchburg, Martha's Vinyard and New York City, has joined the Editorial Department of Worcester Business Journal to be its primary digital reporter. As WBJ's staff writer, Busch will be primarily responsible for the content appearing on WBJournal. com, in its noontime enews e Daily Report, and on social media. In addition, she will cover the manufacturing beat and write longer enterprise pieces for the biweekly magazine. Busch most recently worked for the Sentinel & Enterprise in North Central Massachusetts, covering Leominster and Lancaster. She previously worked for the national news organization Bustle, based in New York City, which is geared toward Millennial women. ere, she covered national politics, with an emphasis on reproductive rights, gender inequities and domestic violence. Before that, she was a reporter for the Martha's Vineyard Times. Kopin announces $2.7M fighter jet order Westborough electronics manufacturer Kopin Corp. has announced a $2.7-million order from the F-35 Joint Strike Fighter program. e order is for the company's high- brightness liquid crystal display for the F-35 program. With the jet scheduled for production through 2030, Kopin expects additional orders over the life of the program Kopin is the sole provider of displays to the program. WPI, eClinicalWorks heads on Mass. economy re- opening team e leaders of Worcester Polytechnic Institute and Westborough healthcare information technology firm eClinicalWorks have been tapped for a Massachusetts advisory board to help shape a reopening of the economy from the coronavirus pandemic. WPI President Laurie Leshin and eClinicalWorks CEO and Co- founder Girish Navani are two of 17 members on the Reopening Advisory Board, with members from the business community and municipal government. e board is co-chaired by Lt. Governor Karyn Polito and Housing and Economic Development Secretary Mike Kennealy. e group is tasked with advising Gov. Charlie Baker on strategies for reopening the economy in phases based on guidance from health and safety data, with a report due to the state by May 18. T&G editor to oversee three more papers e top editor for the Telegram & Gazette in Worcester has been promoted to oversee the newspaper's sister outlets in Framingham, Milford and Gardner. David Nordman, who became the Telegram's executive editor in 2018, will now manage the MetroWest Daily News, Milford Daily News and e Gardner News. Nordman, who grew up in Gardner, has risen through the ranks at the Telegram in a variety of roles, including sports editor, deputy managing editor and copy editor. IPG sees 34% drop in first quarter profits Oxford's IPG Photonics reported a nearly $66 million, or 21%, drop in first quarter revenue, a figure the laser manufacturer said was at the high end of its expectations during the coronavirus pandemic. With less revenue, the company's profits for the first quarter decreased to $36.4 million, a 34% drop from the $55.2 million it earned in the first quarter 2019. Insurer refunds $90K from liquor policies Southborough-based Hospitality Insurance Group has processed nearly $90,000 worth of refunds for liquor liability policyholders whose policies expired between March 16 and May 4. As bars and restaurants were closed due to efforts to stem the spread of the coronavirus, the refunds were intended to provide relief to policyholders. Monica Busch, WBJ staff writer

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