The Outdoor Power Equipment Institute has partnered with its Washington, D.C.-based legislative counsel Kelley Drye Warren to provide members with guidance on the Coronavirus, Aid, Relief, and Economic Security Act (the CARES Act), which was signed into law last weekend.
This unprecedented measure provides a wide-array of programs for Americans and businesses of all sizes, with various forms of tax measures, loan programs, and direct cash benefits. OPEI members and industry partners can download the guidance document directly here and find more resources on industry response to the pandemic at www.opei.org/coronavirus.
“As our member companies work every day to focus on the well-being of their employees and the needs of their customers, we want to make sure that we assist in their understanding of all government assistance at their disposal,” says Kris Kiser, President of the Outdoor Power Equipment Institute. “OPEI continues to advocate for members across the country to be deemed essential businesses and remains engaged with regulators and agencies to keep them informed of the vital role the outdoor power equipment industry plays.”
OPEI is also planning a member webinar for early next week, to answer questions on member OEM, supplier, dealer, and customer eligibility for the programs included in the CARES Act.
Additionally, the Small Business Administration and Department of the Treasury shared additional information on the mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. More information can be found below and on Treasury’s CARES Act website https://home.treasury.gov/cares.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- For a top-line overview of the program click here
- If you’re a lender, more information can be found here
- If you’re a borrower, more information can be found here
- The application for borrowers can be found here
The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments.
With the extent of the COVID-19 crisis and necessary response indefinite at this juncture, Congress is already discussing additional, and significant, legislation to provide additional support to the nation. As Congress continues to take such actions, OPEI will follow-suit in providing members with focused guidance.
OPEI is also providing daily updates and industry resources for the COVID-19 response at www.opei.org/coronavirus.
