As I’m sure you know, the House passed an additional $3 trillion response bill last Friday in a largely party-line vote. While Republicans have indicated they are supportive of many aspects of the Democratic proposal, it cannot pass the Senate in its current form.
Significant disagreements remain between and within both parties on priorities and magnitude of any additional assistance. There is an agreement that legislation is needed to jump-start the economy, but direct relief to individuals and businesses, as well as state and local governments, is the main sticking point. ACMA remains engaged to ensure our members are positioned to have a voice in any package. You can learn more about Congressional plans for further relief at next week’s virtual Town Hall with Congresswoman Haley Stevens (details below).
Some updates about the Paycheck Protection Program have come through that I’ll pass along. The Treasury has clarified rules on foreign employee headcount. Specifically, employees outside the United States, including those of foreign affiliate and parent companies, are included in the 500-employee threshold. Because of confusion among borrowers, companies that applied for loans prior to May 5 with 500 or less US employees are grandfathered regardless of employee numbers outside the US. If you have foreign affiliates of employees, I strongly encourage you to review the new rule.
Additionally, the SBA and Treasury have released the PPP loan forgiveness rules and application. The ability for these loans to be forgiven is what made the program so attractive to millions of applicants, so make sure you read up so your company can take maximum advantage.
Finally, as more localities begin to ease restrictions on manufacturing, it is important to take all of the necessary steps to keep your workforce safe. OSHA and the CDC have released new guidance for manufacturing safety that you should review. These updates and information on all of the relief programs remain available on our resource page.
Let me know what else ACMA can do for you.
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:
- PPP Foreign Employee Rule
- Information on PPP Loan Forgiveness
- OSHA/CDC Guidance for Manufacturing Workers and Employers
- Updated PPP FAQ
- Calculating PPP loan amounts
- Overview of full federal response activities
Keep up to date by watching ACMA’s resource page here.