Happy Cinco de Mayo! I hope this finds you well.
There’s not a lot new to report since I checked in at the end of last week. Paycheck Protection Program loans continue to be issued, so be sure to apply soon if you have not yet done so. The Small Business Administration released additional guidance on calculating maximum loan amounts last week. As a reminder, loans are forgivable if you meet criteria around maintaining employment. As you develop your application, you should confer with your accounting and human resources teams to ensure that your expectations for loan forgiveness are in line with your operational needs.
The Federal Reserve Board has announced an expansion of the Main Street Lending Program. Initially designed with medium sized companies (10,000 employees and less than $2.5 billion in annual revenue) these loans will now be available to smaller companies. See the Fed’s frequently asked questions for more answers on how this program might work for your business. Don’t forget to regularly check our resource page for updated information on these and other programs.
Exactly what will happen next remains uncertain. For a little clarity, I hope you will join our town hall with Congresswoman Jackie Walorski on Thursday at 3pm ET (details below). She’s a great friend of our industry and has promised not to sugarcoat anything. I’m looking forward to a great session and I hope you’ll tune in!
My very best,
Director, Government Affairs
Latest ACMA Resources:
ACMA’s COVID-19 Ongoing Webinar Series: Town Hall with Congresswoman Jackie Walorski (R-IN-2)
Thursday, May 7, 2020 3:00 pm EDT
Congresswoman Jackie Walorksi (R-IN-2) is one of the biggest supporters of the composites industry and America’s manufacturers in Congress. She is a lifelong advocate for composites representing Central Indiana with the highest composites manufacturing anywhere in the country. As a senior member on the House Ways and Means Committee, she has been a leading Republican voice in the COVID-19 recovery effort and has been especially instrumental in supporting small and medium sized manufacturers.
On this Town Hall webinar, she will discuss legislation that has been passed so far, how it’s worked, and what we might expect in future legislation. She will also discuss how Congress will function moving forward and plans to address key issues like infrastructure, energy, defense spending and more. Rep. Walorski can also provide insights on the forthcoming Congressional and Presidential elections.
Latest Industry Resources:
• Information on calculating PPP loan amounts
• Main Street Lending Program FAQ
• Return to Work Considerations
• EPA and CDC Guidance on Cleaning and Disinfecting Workplaces
• Overview of full federal response activities
Keep up to date by watching ACMA’s resource page here.