Company rejects $2.7 million SBA crisis loan

It Works says sales are stable and growing in April.

By Business Observer Staff
| 1:15 p.m. April 24, 2020
| 0 Free Articles Remaining!

Courtesy. It Works Founder and CEOÂ Mark Pentecost.

Manatee-Sarasota

PALMETTO — It Works, a Manatee County-based direct sales business behind a variety of beauty, personal care and wellness products, declined a $2.7 million loan it was approved for under the SBA’s Paycheck Protection Program.

Officials, in a statement, say the company applied for and was approved for the PPP loan, “in the interest of prudence as it transitioned its employees in the U.S. from working in the office to working from their homes.”

But the Palmetto-based company, the release adds, continues to “see stable and growing sales in April. To that end, the company opted not to close on the loan and hasn't faced any furloughs or layoffs during the COVID-19 crisis.”