While this crisis remains challenging, today I am happy to bring you a positive development. As you’ve likely seen on the news, Democrats and Republicans in Congress along with the Trump Administration have reached an agreement on additional funding for the Paycheck Protection Program.
Legislation has passed the Senate and is expected to pass the House and be signed by the President within the next couple days adding another $320 billion dollars to the Paycheck Protection Program, which ran out of funds last week. Once signed by the President, companies can again apply for loans that were unable to secure them in time previously. The legislation does not make any other substantive changes to the program. As a reminder, this program offers low interest loans that can be partially or fully forgiven if you maintain employee headcount. Once signed into law, the money could go quickly, so be prepared to take action immediately.
The emergency legislation also doubles the money available for the Small Business Association’s (SBA) Economic Injury and Disaster Loan program, designed to give small companies quick access to cash. For more information on this and other programs, visit ACMA’s resource page which is updated regularly.
ACMA stays actively engaged with Congress to represent your interests relative to relief legislation and future economic revitalization. If you haven’t yet, please complete our brief advocacy survey to help ACMA have the strongest impact we can.
Finally, even though this crisis has hit some companies worse than others, we know it is no longer business as usual for anyone. In this week’s edition of our ongoing COVID webinar series, we’ll have a panel of leading industry executives to talk about how their companies are operating, what they’ll do if employees get sick, and how they are planning for the future. Information on the webinar is below – I hope you’ll join us.
As always, if there’s anything else ACMA can do to help you keep moving forward, never hesitate to let me know.
My very best,
Director, Government Affairs
Latest ACMA Resources:
ACMA is here for your business, monitoring relief actions, worker health and safety guidelines, and policy updates during these times of the COVID-19 crisis. Join ACMA’s MJ Carrabba and John Schweitzer along with a panel of composites industry executives for a live discussion about managing business operations effectively during this pandemic. Hear directly from other business leaders and gain insights from companies that are managing (and even thriving) during this unstable period.
Get answers to your questions:
• How do I respond if an employee contracts COVID-19?
• How do I plan for the future in light of economic uncertainty?
• How do I maintain a positive workforce and employee morale?
The webinar will also provide additional details on federal funding and stimulus support for businesses, including updates on the recently depleted Paycheck Protection Program and developments in Congress to add more funding to the plan.
Latest Industry Resources:
• White House Guidelines for Opening Up America Again
• Summary of employer obligations, employee protection, record keeping, and enforcement related to Coronavirus
• IRS Guidance on Modifying Net Operating Losses
• SBA relief options including Paycheck Protection Program and more
• Overview of full federal response activities
Keep up to date by watching ACMA’s resource page here.