Last Updated: Thursday June 24, 2020
ACMA is committed to providing our members the most up to date information regarding the COVID-19 outbreak. On this page you will be able to find information on forgivable federal loans and other financial relief programs designed to keep your business viable and your workers employed. This page will be updated regularly as new information becomes available.
These are programs provided by the federal government in response to the COVID-19 epidemic. Please contact John Schweitzer if you have information that could be included in this document. ACMA makes no express or implied endorsement of law firms or other organizations providing linked material.
ACMA’s COVID-19 Ongoing Webinar Series
Webinars are FREE for those in the composites industry on the ACMA Education Hub.
- Town Hall with Congresswoman Haley Stevens (May 29, 2020). Rep. Stevens of Michigan is a rising star in the Democratic Party and one of the strongest national voices for the composites industry. On this Town Hall webinar, she provided an update on the Congressional response to the COVID-19 crisis and plans by leaders on Capitol Hill to jumpstart the manufacturing economy, as well as insights on the Congressional agenda for the rest of 2020. If you are interested in the recording of the webinar, please contact Gabrielle Goldfarb.
- Town Hall with Congresswoman Jackie Walorski (May 7, 2020)Rep. Walorski of Indiana is a leading Republican voice in the COVID-19 recovery effort and has been especially instrumental in supporting small and medium sized manufacturers. On this Town Hall webinar, she discussed legislation that has been passed so far, how it’s worked, and what we might expect in future legislation. For a recording this webinar, please contact Gabrielle Goldfarb.
- Insights for Effective Business Operations and Federal Relief Funding (April 23, 2020)
- ACMA Discussion Forum on Federal COVID-19 Relief Programs for Businesses (April 9, 2020)
- COVID-19 – A Closer Look at Federal Legislation and Economic Stimulus (April 2, 2020)
ACMA’s Policy Spotlight | COVID-19 Updates
ACMA’s Policy Spotlight e-newsletter is your source for the latest industry COVID-19 updates. View the latest here:
- ACMA Policy Spotlight | COVID-19 Updates – June 9, 2020
- ACMA Policy Spotlight | COVID-19 Updates – June 2, 2020
- ACMA Policy Spotlight | COVID-19 Updates – May 28, 2020
- ACMA Policy Spotlight | COVID-19 Updates – May 21, 2020
Back to Work Considerations
As states are beginning to start the re-opening process, many workplaces will begin to invite their employees back as well. Here is some guidance for best practices employers should consider when looking to re-open.
- CDC Recommendations on Testing
- Information from the Equal Employment Opportunity Commission
- CDC Workplace tools for Manufacturers
- FAQ on Face Coverings from the Occupational Safety and Health Administration
- Basic Employee Training on COVID-19 Infection Prevention
- CDC Employer Information on Reopening of Office Buildings
- CDC Activities and Initiatives Supporting the COVID-19 Response and the President’s Plan for Opening America Up Again
- Interim Guidance from CDC and the Occupational Safety and Health Administration (OSHA)
- Guidance from the EPA for Cleaning and Disinfecting Public Spaces, Workplaces, Businesses, Schools and Homes
- White House Guidelines for Opening Up America Again
- OSHA, alongside the Chamber of Commerce Employment Policy Division, has issued guidance to cover three main questions related to the COVID-19 outbreak:
• How should employers protect their employees?
• Do employers have to record cases of COVID-19 on their injury logs?
• How will OSHA conduct enforcement as it relates to Coronavirus?
Regulatory Relief Information
Information on how to manage your small business during these times
OSHA and the CDC have developed guidance to help small businesses limit the economic and community impacts of an outbreak of COVID-19. This guidance provides steps to protect employees and prepare small businesses for disruption. A fact sheet also outlines 10 steps small business employers can take now to protect their employees’ health.
- OSHA’s Revised Enforcement Guidance for Recording Cases of COVID-19
- Prepare your Small Business and Employees for the Effects of COVID-19
- 10 steps small business employers can take now to protect their employees’ health
Forgivable Federal Loans and Other Disaster Relief Programs – Now Available
The Small Business Administration’s Paycheck Protection Program offers forgivable loans to cover payroll costs for companies with 500 employees or less. Learn more about this and other programs available to you now.
- NEW Full PPP Loan Forgiveness Application
- NEW EZ PPP Loan Forgiveness Application
- Revisions to the Third and Sixth Interim Final Rules for the Paycheck Protection Program
- Paycheck Protection Program guidance and loan application forms following the recent passage of the PPP Flexibility Act
- Updated instructions and frequently asked questions for borrowers
- FAQs from the IRS on carrybacks of net operating losses
- SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
- Business Loan Program Temporary Changes; Paycheck Protection Program – Treatment of Entities with Foreign Affiliates
- Main Street Lending Program Frequently Asked Questions
- Paycheck Protection Program Frequently Asked Questions
- How to Calculate Loan Amounts for the PPP
- Applicable Affiliation Rules for Participants of the Paycheck Protection Program
- Updated Information from the IRS on the Paycheck Protection Program (5/1/20)
- Funding Information to Access Paycheck Protection Program and other Loans and Debt Relief
- SBA Recently Finalized Regulations on Paycheck Protection Plan Rollout
- Paycheck Protection Program One Pager from US Treasury
- SBA Frequently Asked Questions on Paycheck Protection Program
Main Street Lending Program for Medium Sized Business
The Federal Reserve and the US Treasury have announced a new federal relief program, the Main Street Lending Program, designed to provide federally-backed low interest loans to companies too large for Small Business Administration assistance with less than 10,000 employees and $2.5 billion in annual revenues. These loans are issued through federally insured financial institutions (most commercial banks).
Tax Implications of the Federal Response
The US Treasury is giving direct relief to Americans and companies. New tax credits exist to keep your company viable.
- Employee Retention Credit Under the CARES Act
- IRS Coronavirus Response Page
- Deferral of employment tax deposits and payments through December 31, 2020
- Information from Treasury of delay of April 15 Tax Payment
- IRS Guidance on modifying Net Operating Losses (NOL)
- Additional Information on How the Treasury is Taking Action
- Press Release from the Department of the Treasury
Key CARES Act provisions
Congress has passed a $2 trillion economic package called the CARES Act, designed to keep businesses afloat and Americans employed. Guidance on how to fully access these provisions will be forthcoming from federal agencies – continue to monitor this page to stay up to date. Learn more about key aspects of the bill now:
- CARES Act Summary
- Small Business Guide to the Cares Act including FAQs on programs to keep workers employed
- Paycheck Protection Program Details
- Details on Tax and Tax Credit provisions
- Details on Modifications to Unemployment Insurance
- Employee Retention FAQ by Senator Grassley (R-IA)
- Full Text of the CARES Act
Export-Import Bank of the United States (EXIM) – measures for small businesses
EXIM is offering waivers, deadline extensions, streamlined processing, and flexibility for customers of several of its programs.
Commerce Department Commercial Service and Manufacturing Extension Partnership
The Department of Commerce has a network of centers working with state and local partners that help small and medium-sized businesses reduce costs, fill supply chain gaps, find new buyers, and more through the Commercial Service and Manufacturing Extension Partnership
Paid sick time and family medical leave under the Families First Coronavirus Response Act (signed by President Trump on March 18)
Employers with fewer than 500 employees will be required to provide paid family leave and sick leave to certain employees and will receive a quarterly credit against the employer portion of Social Security taxes for amounts paid.
ACMA’s Summary of Families First Coronavirus Response Act
A breakdown of key components of the bill (from Bgov.com) that may be of interest to you as you make decisions for your business during this time.
- ACMA Summary (from Bgov.com)
- Information for Employers
- The Department of Labor guidelines on the Families First Coronavirus Response Act (FFCRA)
Enhanced availability of unemployment benefits
The Department of Labor issued guidance to allow States the flexibility to pay unemployment benefits when an employer temporarily ceases operations due to the coronavirus outbreak.