Unfortunately, the COVID-19 epidemic continues. More research is showing promise, but unfortunately there’s no immediate end in sight. ACMA is staying focused on providing you analysis and tools to help navigate the situation and, importantly, stay in business and above water.
There’s no doubt that the rollout of federal relief loan and grant programs had bumps along the way. Banks have been able to accept applications for Paycheck Protection Program loans since last Friday (4/3/20), however not all banks had infrastructure fully in place. By now, reports indicate that the vast majority of the Small Business Administration’s (SBA) network of more than 1,800 lenders are now prepared to offer PPP loans. The US Treasury and Small Business Administration have developed answers to frequently asked questions to help potential borrowers understand the program.
Visit the Paycheck Protection Program webpage to find a lender if you don’t already have one. If the Paycheck Protection Program is not right for you, SBA has other relief options available to get you the cash you need to stay operational.
A recording of ACMA’s webinar covering new relief options and future legislation is available on our resources page along with other important information. I encourage you to review that recording if you missed it and click through the links. If you have questions, you’re in luck! John Schweitzer and I will host a follow up question and answer session this Thursday at 3:00 pm ET. We would welcome your participation and encourage you to submit questions in advance.
ACMA is very proud to have members throughout North America and across the world. Several industry members report questions about the status of their operations in Mexico. Any company willing to share information about operations in Mexico during the COVID-19 crisis and the government’s treatment of “essential” business should contact me. Members should also feel free to reach out with questions or stories from other countries.
Finally, as I’ve said before, we’re all in this together. Everyone reading this knows one or more healthcare workers going far beyond the call of duty to keep the rest of us healthy. If you have personal protective equipment (PPE) or other equipment you can spare during this time, ACMA strongly encourages you to do so. DonatePPE.org is one of many resources or reach out to your local health department.
That’s all for now. Try to stay healthy and, just as important, try to stay happy.
Director, Government Affairs
Latest ACMA Resources:
Webinar: A Closer Look at Federal Legislation and Stimulus
When: Thursday, April 9, 2020 3:00 pm EDT
FREE for ACMA members
Latest Industry Resources:
• Updated CDC recommendations on wearing facemasks in public
• Resources to donate PPE and other equipment
• SBA Relief Options – including Paycheck Protection Program and more
• Small Business Guide to the Cares Act – FAQs on programs to keep workers employed