Checking in midweek – I hope it has been a good one so far. Just a couple of quick items today.
The IRS has provided additional information on employee health care costs relative to eligibility for the Employee Retention Credit. Companies interested in applying for that credit are encouraged to review this update. Information about the Employee Retention Credit and all of the CARES Act financial assistance programs is available on our resource page.
The House is expected to vote this week on legislation drafted by the Democratic majority known as the HEROES Act. This legislation would build on the CARES Act by increasing assistance to state and local authorities, including hospital and school systems, providing additional support to minority-owned and otherwise disenfranchised businesses, among many other provisions. While the enactment of additional COVID response legislation is expected, it is unlikely that this bill would pass the Republican-led Senate as drafted. As Congress negotiates additional relief, ACMA stays engaged on your behalf to ensure our industry is poised to benefit.
We received great insights on Congressional happenings last week in our town hall with Rep. Jackie Walorski (R-IN). If you missed that program and would like to listen to a recording, please contact Gabrielle Goldfarb. Later this month, we’re excited to bring you perspectives from Congresswoman Haley Stevens (D-MI). She is a great friend to our industry, and I can tell you personally, nobody is fighting harder for manufacturers in Washington than her. Details below – I hope you’ll join us!
Let me know if there’s more ACMA can do to help.
My very best,
Director, Government Affairs
Latest ACMA Resources:
ACMA Town Hall with Congresswoman Haley Stevens (D-MI-11)
Friday, May 29 at 11 am EDT
Representing the suburban Detroit area, Congresswoman Haley Stevens (D-MI-11) is a rising star in the Democratic Party and one of the strongest national voices for the composites industry. As chair of the Research and Technology Subcommittee, she has direct jurisdiction over critical composites research at NIST, NASA, NSF and other agencies. Her signature legislation, the American Manufacturing Leadership Act which was signed into law in December, strengthened America’s manufacturing economy and created a pathway for permanent funding for IACMI and other critical manufacturing research institutions. She is also a lead sponsor of two ACMA legislative priorities, the Aeronautics Innovation Act and the Vehicle Innovation Act.
In this town hall with ACMA members, she will provide 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.
Latest Industry Resources:
• Updated IRS FAQ on ERC and healthcare benefits
• Updated PPP FAQ
• Calculating PPP loan amounts
• Main Street Lending Program FAQ
• Overview of full federal response activities
Keep up to date by watching ACMA’s resource page here.