Congress, Trump Administration Near Deal on Coronavirus Aid to Small Businesses
The Senate convened briefly on Monday afternoon without a deal, and Senate Majority Leader Mitch McConnell (R., Ky.) scheduled another session for Tuesday afternoon. While broad strokes of the agreement are largely set, negotiations continued over several details, including how to structure ramped-up testing for the virus in the U.S.
The emerging agreement would send about $310 billion more to the Paycheck Protection Program, which last week exhausted the $350 billion Congress originally allocated for it. The deal is also set to include $75 billion in assistance for hospitals and $25 billion to expand testing for the virus across the country.
Council of Industry Survey: Members Operating at 78% Capacity, Employee Health Number 1 Concern
Over the week of April 10th – 17th the Council of Industry polled its members to determine their response to the Covid 19 outbreak and the government order to cease non-essential business activities. Members answered questions about employee safety, orders, supply chain and concerns about the future. The response rate was 40%.
A summary of the results is below.
Temporary Final Rule on Tariff Deferral
The Trump administration has issued an executive order authorizing the extension of deadlines to pay certain tariffs, taxes and fees for importers experiencing significant financial hardship from COVID-19. Using this authority, Customs and Border Protection and the Treasury Department filed a temporary final rule, which will postpone for 90 calendar days from the original due date the deadline for certain payments on merchandise imported during March and April. This tariff deferral does not include products subject to AD/CVD or Section 232, 201 and 301 tariffs or entries that have already been filed.
Oil Prices Plunge Below Zero
Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don’t want to get stuck owning crude with nowhere to store it.
Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market’s most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.
Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged. Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.
FuzeHub Webinar – Today 4/21 The Manufacturer’s Guide to FDA Regulations, Guidance, and the Emergency Use Act
April 21, 2020 | 11 AM – 12 PM EST
In Partnership with MedTech
This webinar will present information on products regulated by the FDA, and a brief description of the FDA clearance and approvals process. We will also discuss how the Emergency Use Act and COVID-19 related guidance can help manufacturers striving to produce medical devices during pandemic related shortages. Presented by: Michelle Bonn, President, Guideline Medical Consulting.
HVEDC Video-Discussion with Senator Gillibrand
Friday, April 24, 2020 at 11 am
The Hudson Valley Economic Development Corporation invites Council of Industry Members to participate in a video-discussion with Senator Kirsten Gillibrand to discuss the CARES ACT and future legislation designed to help our economy get back to work.
NAM Economic Report
Manufacturing production fell sharply by 6.3% in March as firms grappled with the COVID-19 outbreak, including closures, reduced activity and significant supply and demand disruptions globally. Durable and nondurable goods production decreased 9.1% and 3.2% in March, respectively, with all 19 major sectors experiencing declines.
Workforce Skills Helping Manufacturers Switch Production to Fight COVID-19
Manufacturing companies have quickly responded to the need for an increase in medical supplies necessary to fight COVID-19. For some companies this means adding new production lines to make products they have never made before. Others are forging partnerships so that each company can contribute their expertise to create products as quickly as possible.
To understand what’s happening behind the scenes, IndustryWeek asked some companies about the workforce skills they are finding to be most valuable during these changeovers.