“Late last night, the U.S. Senate passed a $2 trillion stimulus package to help keep the nation from falling into a recession because of the COVID-19 crisis,” said Frank Hugelmeyer, President of the National Marine Manufacturers Association (NMMA) in an email on March 26. Hugelmeyer said NMMA worked closely with the Trump administration and Congress to develop the economic relief bill, helping to secure many of the recreational boating industry’s top priorities, including $350 billion for small- and medium-sized businesses to maintain payroll and other operations, provisions to streamline the application process for businesses to receive small business loans; and a payroll tax delay, modifications to net operating losses, and other tax reform measures to free up cash flow for businesses.
The following is a breakdown of the provisions in the stimulus package that Hugelmeyer said NMMA helped to secure on behalf of the recreational boating industry.
- Provide $350 billion to small businesses (boat building qualifies as less than 1000 employees) to keep employees on the payroll and support operational expenses.
- Allow businesses to delay payment of payroll taxes.
- Set up a national small business sustainability program to provide assistance to partially unemployed workers to support employee retention.
- Treasury will implement a new lending program targeted at medium-sized businesses (500-10,000 employees).
- Streamline approval of and provide $562 million for the small business disaster loan program.
- Establishes a grant program to educate and advise businesses as they navigate the new programs that will assist in the recovery.
- Provide modifications for net operating losses to provide more critical cash flow.
Other administrative actions that NMMA said would help complement congressional efforts include removal of some of the Section 301 tariffs related to fishing tackle bags, certain trailers, cleats and chocks, and components such as cam/crankshafts and certain mountings/fittings, and continued access to public waters including keeping federal lands and waters open and accessible within Centers for Disease Control and Prevention and waiving all fees to access public lands and waters.
The American Sportfishing Association (ASA) has also been closely monitoring the development of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), urging its enactment and implementation. “We are pleased that the bill includes several important provisions that will help sportfishing businesses, including manufacturers, distributors, retailers and charter boat operators, who have been or are expecting to be negatively impacted by the economic impacts of the COVID-19 pandemic,” ASA noted in a press release.
For more information visit NMMA.org or ASAFishing.org.
