AED Urges Expanded Loans, Tax Benefits & Other Priorities in Future COVID-19 Package
This morning, AED delivered a letter to Capitol Hill, urging lawmakers to expand important loan programs and tax provisions enacted in prior COVID-19 legislative initiatives to allow more equipment distributors to benefit.
AED’s President and CEO Brian P. McGuire urged Congress to make changes to the Coronavirus Aid, Relief and Economic Security Act’s (CARES Act) and Payroll Protection Program (PPP), that included waiving affiliation rules for all companies and allowing businesses that employ not more than 500 employees per physical location to qualify for the PPP. AED has also encouraged the administration to follow the intent of the CARES Act to stabilize the overall economy by issuing guidance that utilizes a broader interpretation of affiliation rules.
Furthermore, AED urged lawmakers to expand tax credits from the CARES to permit companies above 500 employees that voluntarily provide paid leave to their workers to recoup costs. McGuire also encouraged Congress to work with the administration as the Federal Reserve and Treasury Department release details of its “Main Street Lending Program” to ensure it provides similar benefits to the PPP for mid-sized companies.
Looking toward an expedited economic recovery, McGuire wrote, “It is vital Congress begins focusing on jump-starting the economy post-economic shutdown. There’s no better way to do this than infrastructure investment paired with robust funding for career and technical education and workforce development initiatives.”
Download a copy of the letter here: http://aednet.org/wp-content/uploads/2020/04/AED-COVID19PackageLetter.pdf