Like many other nonprofit organizations across the city, state and nation that had been financially struggling as a result of the COVID-19 pandemic, NPI sought much-needed support and relief in the form of a PPP loan.
In April 2020, NPI received a $2.5 million PPP loan that was used to preserve the salaries and benefits of 55 full-time employees, retain and remotely train 170 part-time employees, hire union tradespersons to perform maintenance on the facility, and cover other allowable expenses, including utilities. This loan was critical while the Pier was temporarily closed and all revenues were halted from March 16 to June 9, 2020. Upon reopening on June 10, 2020, earned revenues were a fraction of what they would have been during a typical summer season. As a result of the low attendance, gathering restrictions and government restrictions on rides and attractions as well as on events, and thus a lack of revenues, NPI was forced to significantly reduce its workforce and the compensation of remaining full-time staff.
In Spring 2021, NPI sought and secured a second PPP loan, which granted the organization $1.9 million to preserve the salaries and benefits of the remaining 17 full-time administrative employees, 12 trades workers, three part-time employees and the security team. The PPP was also used to help cover staff payroll and training for seasonal employees returning in anticipation of the Pier’s spring reopening, as well as part-time staff, returning union tradespersons and new, incoming full-time staff.
Upon NPI’s application for forgiveness of the PPP loan, it will be reviewed by its primary lender and the SBA to ensure compliance with the guidelines.
Furthermore, as committed partners to the nearly 70 small and local businesses that operate at the Pier, NPI made a concerted effort to reach out to each business and provide information and education on how they, too, could take advantage of the PPP loan and other government-based financial assistance programs. In addition, NPI extended rent relief to all of its on-site businesses during the Pier’s closure to give its partners the best chances of survival through the pandemic.