The Motor & Equipment Manufacturers Association (MEMA) says it will work hard to shape implementation of the U.S. federal government’s $8.3 billion Coronavirus Emergency Bill.
In a letter addressed to members of the Automotive Aftermarket Suppliers Association (AASA), Heavy Duty Manufacturers Association (HDMA), the Association for Sustainable Manufacturing (MERA), and the Original Equipment Suppliers Association (OESA), MEMA president and CEO Bill Long said the bill may only be a first step in federal efforts to mitigate adverse medical and economic impacts.
“The MEMA staff will work hard to shape implementation of this measure,” he said. “We will also keep on top of future coronavirus response developments as we continue to connect with the business community as well leaders in the White House and on Capitol Hill.”
The bill earmarks $8.3 billion to combat the coronavirus. Both the U.S. House and Senate quickly passed the bill last week by overwhelming bipartisan margins.
Up to $7 billion will be made available for Small Business Administration (SBA) emergency loans available to small businesses impacted by coronavirus.
“If the situation worsens, these new SBA loans might benefit some MEMA member companies,” Long said.
Applicants will need to demonstrate economic harm due to the virus.
“The key criteria for overall SBA loan eligibility for companies in the motor vehicle parts manufacturing sector is number of employees,” he said. “Specifically, companies with up to 1000-1500 employees could be eligible.”