COVID-19: Paycheck Protection Program
CARES is expected to infuse approximately $2.2 trillion into the U.S. economy. The Act addresses a multitude of ways in which the federal government seeks to support businesses impacted by the pandemic and employees affected by COVID-19. Key areas of interest for employers relate to business loans, unemployment benefits, retirement plans, tax credits and executive compensation. The Act was passed by the House of Representatives in the early afternoon of March 27, 2020 and the President has signed the measure.
Perhaps the most important Program is the Paycheck Protection Program – a loan that could be forgiven after a certain time. WE UNDERSTAND THESE FUNDS WILL BE DISBURSED ON A FIRST COME FIRST SERVED BASIS.
ZOOM Call with SBA Branch Manager Robert Piechota – Tuesday March 31, 1:00.
The SBA will be the key implementer of the CARES act, the Federal Government’s response the economic fallout of the coronavirus pandemic.
Robert Piechota SBA Branch Manager, will discuss key elements of the CARES Act as well as other related programs such as the Disaster Relief loans. Mr. Piechota will also explain the key features of the Paycheck Protection Program.
Piechota joined the SBA in 2019 after six years directing the New York City College of Technology Small Business Development Center (SBDC) in Brooklyn. Piechota also previously ran his own consulting business and is a U.S. Army Veteran where he served in the Military Police Corps. He is a graduate of the U.S. Military Academy at West Point.
CDC Releases New Facility Guidance after Manufacturers Request
On behalf of manufacturers across the nation, NAM has been calling on the Centers for Disease Control and Prevention to give manufacturers clearer guidance on how to operate safely during the COVID-19 outbreak. CDC Director Dr. Robert Redfield has now provided us this additional guidance, which you can use to supplement your current plans and response efforts. In addition, the CDC provided more specifics and best practices in an NAM–Manufacturing Leadership Council webinar. Read a summary of the webinar here and listen here.
Export-Import Bank Delivers Flexibility and Liquidity for Manufacturers
The Ex-Im Bank Board of Directors has approved a resolution to support four temporary measures to help inject liquidity into the market and provide maximum flexibility for exporters and suppliers. You can find more information about these measures here, which include temporary bridge financing, progress delivery payment financing, supply chain finance guarantees and working capital guarantee expansion. This comes on top of the Ex-Im’s initial relief measures.