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Following a week of around-the-clock negotiations, Congress is expected to approve a $2 trillion spending package in response to COVID-19 later today. NMMA worked closely with congressional leadership and the administration to develop the massive funding measure – which would provide resources and assistance to workers, certain industries, and small businesses.

As of late last night, the U.S. Senate is reviewing the draft bill and – barring any last-minute objections – will likely pass the measure today. The U.S. House of Representatives is expected to quickly follow suit.

Many boating industry priorities that NMMA advocated for are expected to remain in the final package, including:

• $350 billion for small- and medium-sized businesses to maintain payroll costs and other operations;
• Provisions to streamline small business loan applications; and
• A payroll tax delay, modifications to net operating losses, other tax reform measures to free up cash flow for businesses.

Given the fluidity of the situation, NMMA will provide a more comprehensive update – including additional resources – once the funding measure is finalized and passes both chambers of Congress. As a reminder, NMMA has launched a COVID-19 webpage to serve as a one stop shop for a variety of helpful resources for manufacturers, business owners, and the general public: https://www.nmma.org/coronavirus.

If you have questions, please email NMMA’s COVID-19 task force at [email protected].