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Covid-19
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Covid-19

(6) COVID-19

 

In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The Company is considered an essential and critical business by the U.S. Department of Homeland Security’s Cyber and Infrastructure Security Agency (CISA) and will continue to operate under state of emergency and shelter in place orders issued in various jurisdictions across the country. The Company has instituted multiple actions and policies to help safeguard employees and customers from COVID-19. The Company has been in regular communication with all levels of employees in an effort to insure that there are policies, resources, and infrastructure in place to protect employees and continue the Company’s important role in supporting the nation’s supply chain.

 

The Company’s consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities. The Company has considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s third quarter 2020 financial position. It is possible that these assumptions and estimates may materially change prior to December 31, 2020.

 

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions, and provides a payment delay of employer payroll taxes during 2020 after the date of enactment. The Company does not believe it will be able to take advantage of the provisions of the CARES Act.