Late last week, both chambers of Congress passed new legislation on strong bipartisan votes to provide $484 billion in additional relief for Americans enduring hardships due to the COVID-19 pandemic. This includes replenishing funds for the Paycheck Protection Program, which many equipment manufacturers are relying to keep their operations going. While the latest legislative action by Congress is promising, AEM continues to urge Congress to do more to support the industry.
The newly-secured legislation includes $310 billion for the Small Business Administration’s Paycheck Protection Program, $60 billion of which is set aside for small lenders and community financial institutions, $75 billion for reimbursement to hospitals and healthcare providers to support the need for COVID-19 related expenses and lost revenue, and $25 billion for necessary expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests.
In a press release after the House vote, AEM’s Dennis Slater said further legislation is needed to help our industry. “While the Paycheck Protection Program is helpful for many small equipment manufacturers, there is a lot more Congress needs to do to support the 2.8 million men and women of our industry,” said Slater. “Too many equipment manufacturers are still struggling to stay open and on the job. With the PPP replenished, Congress must now turn its attention to a large number of manufacturers who do not qualify for this program but still desperately need support.”
As the Paycheck Protection Program (PPP) ran dry late last week, AEM jumped into action to secure additional funding. The program, which was designed to help small and medium-sized business owners keep their employees on payroll, exhausted its funding on April 17, leaving many business owners scrambling as they try to keep their businesses afloat. That’s why on April 20, AEM president Dennis Slater sent a letter to congressional leadership, urging them to reach a bipartisan deal to provide more funding for the PPP.
The letter stated, “AEM is thankful for the work Congress has already done to mitigate the harm of the pandemic on businesses and American families. Unfortunately, due to the impact of this pandemic, it is clear that further assistance will be needed to help the economy on the path to recovery. I hope that Congress will continue to keep the needs of equipment manufacturers at the forefront as discussions progress, and I look forward to serving as a resource to you as our country moves forward in these unprecedented times.”
AEM also called on its 40,000-strong I Make America grassroots community to contact their members of Congress to support the legislation that would add more funding to the PPP. I Make America is AEM’s national grassroots campaign advocating for policies that support America’s equipment manufacturers.
AEM and the I Make America community will continue to urge our elected officials to provide additional funding for this critical program. We understand this is one of many milestones to get our small and medium-sized businesses through this pandemic, and AEM will stand by our members every step of the way.
For more updates on AEM’s COVID-19 advocacy and member resources, please visit our dedicated webpage.
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