ABMA COVID-19 Update as of May 28, 2020
Thu May 28, 2020
The CDC has released a new resource with tools and strategies to deploy ahead of office reopenings. It is intended to supplement the regularly updated CDC guidance for businesses and employers. For manufacturing settings, it is vital to continue following the CDC and OSHA’s interim guidance for manufacturing workers and employers, and you can find information for cleaning and disinfecting workplaces here, along with printable resources. You can also refer to the Manufacturing Leadership Council’s “New Operational Practices to Consider in the Time of COVID-19” for ways manufacturers are meeting and exceeding CDC and OSHA guidelines.
We urge manufacturers to take all CDC-issued guidance seriously and to implement the strategies presented. These strategies represent the best science and thinking around protecting the workforce and the public from COVID-19. As the country reopens and high levels of cases in different parts of the country remain a challenge, maintaining social distancing of six feet, frequent hand-washing, avoiding large gatherings and wearing face coverings all remain important and proven public health strategies. It’s important for the strength of the manufacturing sector, the renewal of the economy and the return to school for our future workforce that we all maintain workplace and community protective measures, even as some restrictions are lifted around the country. Our country is counting on us to lead the way.
Federal Reserve Releases Main Street Lending Program Documents
The Federal Reserve has released the legal forms and agreements for eligible borrowers and lenders to participate in the Main Street Lending Program. The Fed has also published instructions for completing the required documents and an updated FAQ overview of the program. You can access all the new documents and information here.
House Passes NAM-Backed Paycheck Protection Program Flexibility Act
This afternoon, the House of Representatives passed the bipartisan Paycheck Protection Program Flexibility Act, which includes many proposed reforms to the PPP, such as extending the covered period for PPP loans to 24 weeks and granting enhanced flexibility in how PPP loan dollars can be allocated between payroll and nonpayroll expenses. The Senate will still need to consider and pass the bill. Stay tuned.
IRS Provides FAQs on Net Operating Loss and Corporate AMT
The IRS has issued FAQs concerning the interaction of the CARES Act’s net operating loss provision and the corporate alternative minimum tax. The CARES Act’s NOL provision allows companies to use tax losses from 2018, 2019 and 2020 to offset income from the previous five years, which includes years in which the AMT was in effect (the 2017 tax reform eliminated the AMT beginning in tax year 2018). You can review the FAQs here.