COVID19 Update from TMA President 3/27/2020
Technology & Manufacturing Association members received the following update from TMA President Steve Rauschenberger Friday (3/27/2020) :
Dear TMA members:
We’ve all been through an extraordinary time these last two weeks. Please understand that I believe that you are doing work that will have shown to be critical for the future of the United States.
The professional staff of your Association is in awe of the work you are all doing and the sacrifices many of you are making. We should all be proud of how many TMA members are making COVID-critical parts and products and how many others have volunteered to help.
Please know that ALL TMA staff are available to assist you in any way we can. Call, email, text and we will try respond to the best of our knowledge and ability.
Please know also that unprecedented help is on the way from Washington DC to Springfield to your local governments. We have emailed you about many of these programs, and next week there will be more details and guidance about how you can access these business/manufacturing support programs. Just to remind and inform you, here is a short list of already enacted and in process programs that may provide well deserved relief:
- Federally refundable COVID Paid Sick days for your employees.
- Federally refundable Paid FMLA for employees who need leave to care for a child.
- SBA Emergency Loans
- SBA Forgivable cash flow loans
- State of Illinois Treasurer’s Loan program
- Postponed tax payments and postponed filing dates
In addition, the US Senate has passed and the US House will likely pass (UPDATE: Passed 3/27/2020) these additional programs of support:
- A refundable employee retention tax credit worth up to 50% of the wages you pay your employees, up to $10,000 per employee.
- A new US Treasury direct loan program for distressed businesses.
- An increase in the unemployment benefit for staff that you do have to lay off.
- Net Operating Loss carry back modification (for C corp and pass through entities).
- Increase in the “limitation on business interest” deduction.
- A direct cash grant of up to $1,200 to each of your employees.
Details of these programs (and others) are still being developed and analyzed, and TMA will marshal the details and rules and share them with the membership as we have them.
Let me close by reminding you that you are doing important work, and now, for the first time in decades, public policy makers from the President to your local mayor are beginning to understand just how critical you are to the health, safety, and prosperity of America.
Hang in there, be calm and manufacture on.
Warm Appreciation and Regards,