As you likely know from the news, Congress remains deadlocked in the effort to pass an additional emergency economic package to shore up newly created programs under the CARES Act. While it is likely that discrepancies will be resolved in the next few days, ACMA strongly encourages companies planning to file applications for Paycheck Protection Program loans to do so immediately. As a reminder, this program offers low interest loans that can be partially or fully forgiven if you maintain employee headcount. For more information on this and other programs, visit our resource page which is updated frequently.
On a more positive note, the Federal Reserve and the US Treasury have announced the implementation of the new 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). ACMA will continue to update our resource page as more information becomes available about this program.
In addition to helping members navigate new relief programs, your Government Affairs team remains focused on leveraging federal legislation to increase opportunity for composites. In the coming weeks and months, significant legislation is expected to accelerate economic recovery. Key priorities for Congress include strengthening America’s emergency manufacturing capabilities, as well as revitalizing our crumbling infrastructure network.
Finally, you and I both know composites are a strong and innovative material that can provide unique capabilities to the country, especially during times like these. Many composites manufacturers want to have a voice in the federal government’s rehabilitation conversations. We are interested to know what your company is working on and if there are any obstacles you are facing.
Please take a few minutes to complete this brief advocacy survey. This information will allow ACMA’s Public Policy Steering Committee and staff to align our advocacy strategy to ensure upcoming legislation benefits the composites industry.
Please let me know what else ACMA can do to be a resource in these trying times.
My very best,
Director, Government Affairs
Latest ACMA Resources:
ACMA held a live online discussion on the U.S. federal economic stimulus and legislation in response to COVID-19 on April 9, 2020. The virtual discussion was an opportunity for attendees of ACMA’s ongoing COVID-19 webinar series to ask follow-up questions. Attendees gained a better understanding of what the federal stimulus legislation means for their business and how economic assistance could be leveraged by the composites industry. This webinar is available at no charge to anyone interested by clicking here.
Latest Industry Resources:
• SBA Relief Options – including Paycheck Protection Program and more
• Main Street Lending program for medium business
• IRS Guidance on Modifying Net Operating Losses
• Small Business Guide to the Cares Act including FAQs on programs to keep workers employed