I hope this finds you, your team, and your family as healthy and happy as possible.
First off, in case you missed it, we had a fantastic session with Congresswoman Haley Stevens last Friday. She is such a strong advocate for our industry and is committed to advancing a host of policies to benefit this industry and manufacturing at large, from workforce to research to trade and more. I would certainly encourage you to watch the recording if you couldn’t be with us. Reach out to my colleague Gabrielle Goldfarb for access.
I know many of your factories have remained open or have reopened recently, but office workers may still be working from home. As you consider future plans for your office staff, take a look at new tools provided by CDC for reopening workplaces.
A couple additional items have come available on the financial side, too. As we’ve discussed in the past, the Main Street Lending Program was created for medium sized businesses too large for SBA assistance that were in sound financial condition prior to the pandemic. The Federal Reserve Board via the Boston Federal Reserve Bank has released updated instructions and frequently asked questions for borrowers. If your company is too large for a Paycheck Protection Program loan but in need of assistance, it is worth evaluating whether this program is right for you.
Finally, the IRS has released updated FAQs on carrybacks of net operating losses. Please review this important tax information.
That’s all for today. If there’s anything else I can do to help, let me know
Director, Government Affairs
Latest Industry Resources:
- CDC Workplace tools
- Main Street Lending Program Forms and FAQ
- IRS FAQ on NOLs
- SBA/Treasury PPP Loan Forgiveness Rule
- SBA PPP Loan Review Rule
- PPP Loan Forgiveness Application
Keep up to date by watching ACMA’s resource page here.