As you likely know, both houses of Congress have approved the Paycheck Protection Program and Health Care Enhancement Act and it is on the President’s for signature today. Among other provisions, it makes another $310 billion available for the Paycheck Protection Program.
The same requirements around eligibility and forgiveness remain in place as included in the original CARES Act authorization for the program. In addition to applying through banks, some fintech companies, including eBay, will now also be eligible to service loans.
The program was spent out quickly, so we should expect the money to go fast this time too. I strongly encourage anyone interested in applying for a loan to do so as soon as funds are again available, likely within 24 hours of President Trump’s signature. Information on PPP and other relief provisions is available on our resources page.
The situation remains fluid, but Republicans in Congress have indicated a limited interest in further financial stimulus legislation. As I’ve mentioned previously, attention will now turn to broader economic revitalization legislation including an infrastructure stimulus package. Please take a few minutes to help ACMA help your company by completing our advocacy survey.
In yesterday’s edition of our COVID-19 webinar series, we heard from an excellent panel of industry executives on how their companies are operating through this pandemic and how they are planning for the future. If you missed it, see the details and the recording link below. We hope their insights can be helpful to you too.
Next week we’ll take a break from our webinar series as ACMA hosts the Thermoplastic Composites Conference – A Virtual Experience. The program is strong and if you are interested in thermoplastic composites, consider attending!
Have a great weekend and let me know what we can do to help.
My very best,
Director, Government Affairs
Latest ACMA Resources:
ACMA recently held a webinar with 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. Viewers heard directly from other business leaders and gained 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 also provided 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. To view the webinar, click here.
Latest Industry Resources:
• SBA relief options including Paycheck Protection Program and more
• 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
• Overview of full federal response activities
Keep up to date by watching ACMA’s resource page here.