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Manufacturers Survey: More than 90 Percent Utilizing PPP Loans; Top Priority is to Extend PPP Loan Forgiveness Beyond Eight Weeks

Wednesday, May 27, 2020

 

Washington, DC:  A new survey of Members of the National Tooling & Machining Association (NTMA) and Precision Metalforming Association (PMA) shows the importance of the Small Business Administration’s Paycheck Protection Program (PPP) loan program, with more than 91% of respondents reporting that they have applied and received a PPP loan to retain employees that they would have otherwise furloughed or terminated.  However, more than 70% of respondents reported that they may need to furlough or terminate employees when their loan funding ends.

The NTMA/PMA survey showed that the top policy priorities for manufacturers are for Congress to extend the PPP term loan forgiveness from eight to 16 weeks, to allow for deductibility of business expenses paid with PPP proceeds, to extend the PPP’s deadline for loan forgiveness from June 30 to September 30 to rehire employees and reaffirm Congressional intent that spending 75% on payroll costs is not a requirement in the law.

The ongoing challenges of the COVID-19 pandemic were also evident in survey responses with 65% of manufacturers reporting that they expect customer disruptions for the next two to six months, and more than half reporting that they are receiving orders well below to the normal rate.  The majority of respondents also responded that customers are reporting longer payment terms or extension of permanent terms.

Highlights of the survey are included in the infographic below and full survey results are available here.

Many NTMA and PMA members have also converted their facilities to produce millions of face shields and other personal protective equipment (PPE), and make essential parts for ventilators and other medical supply equipment. A partial list of “Members Making a Difference” activities can be found on a COVID-19 resource page created by NTMA and PMA for its members at www.onevoiceinfo.org.

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About One Voice: The National Tooling and Machining Association (NTMA) and Precision Metalforming Association (PMA) combined “One Voice” federal government advocacy program represents nearly 2,500 metalworking companies and is designed to promote U.S. government policies that will ensure a strong manufacturing sector in the United States. For additional information, please visit www.metalworkingadvocate.org