Confusion surrounds launch of $349B in small-business loans
The Hill Reports that banks and industry groups say a new rescue lending program for small businesses is off to a rocky start and may fall far short of what firms need to stay afloat during the economic fallout from the coronavirus.
The Treasury Department and Small Business Administration (SBA) on Friday rolled out applications for small businesses to receive forgivable loans for payroll and other basic expenses amid the economic toll of the coronavirus.
But banks, credit unions and other lenders say the $349 billion program lacks clear guidelines to handle a looming wave of loan applications that could overwhelm the system while leaving some firms in the lurch.
Foreign Owned Small Businesses Are Now Eligible for PPP
Many Council Members Are Based in Other Nations Including The UK, Germany, Japan and France. Early indications were that these entities would not be eligible for the Paycheck Protection Program, however, the criteria have changed and now is now based on the resident location of the employees.
Harris Beach WEBINAR COVID-19 Aid for Small Businesses: What You Need to Know Scheduled for April 6, 2020
U.S. Payrolls Unsurprisingly Dropped in March – April Will Be Worse
This Labor Department data is from early in the month and doesn’t reflect the current state of the economy under the full brunt of COVID-19.
Manufacturing employment fell by 18,000 in March, NAM Chief Economist Chad Moutray tells us. Meanwhile, here’s the overall number from CNBC:
“Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers released Friday that begin to show the economic damage wrought by the coronavirus crisis.”
Unemployment: The report reveals an unemployment rate of 4.4% for the whole economy, but Moutray estimates the real number is now about 10%.
CI Webinar: OSHA Guidance and Best Practices for COVID-19
- When: Wednesday, April 8, 2020 at 1 pm
- Where: Online webinar
- Cost: No fee to participate
The Council of Industry and Catamount Consulting will host a webinar on Wednesday, April 8, at 1 pm on OSHA Guidance and Best Practices for COVID-19 with presenter Ron Coons, OHST, CSC, President of Greater Catskill Office of Catamount Consulting.
This webinar will cover:
- What Coronavirus is and who is at risk
- Regulatory requirements for protecting workers for both essential and non-essential workers
- Best practices to minimize and prevent the spread of Coronavirus in your workplace
- OSHA requirements for respiratory protection.
Upon Registering your confirmation email will include phone and login information. If you do not receive a confirmation email please contact email@example.com for the information.
CI Podcast – the Week that Was
As the COVID 19 crises unfolds the Council of Industry is using all its resources to keep its members up to date with the latest information and resources to keep their employees safe and their businesses operating. This podcast is one of those resources and part of those efforts.
In this episode Johnnieanne Hansen, Vice President of the Council of Industry and Harold King, President discuss the events of the week of March 28th – April 3rd surrounding the COVID 19 pandemic, its effect on Hudson Valley manufacturers and their employees, and the Council of Industry’s response.