So, despite some light Republican siding with corporate interest resistance, the first of what may be many CoronaVirus bills has been signed into reality.
Phase 1 is about free testing, sick leave and expanding unemployment benefits.
Phase 2 would have small business loan assistance
Also, the Brewers Association is going to push their weight behind the following initiatives…
- “A temporary suspension or deferral of federal excise taxes;
- A waiver of penalties for payment of late excise tax fees;
- A business tax credit for lost sales;
- Flexibility in submitting amendments to licenses for current permit holders;
- An increase in funding for Small Business Administration (SBA) Disaster Relief Assistance programs;
- Deferment of SBA loan payments/no interest loans;
- Deferment of payments with no interest accrual for loans with commercial lenders;
- A freeze on premium increases for unemployment insurance;
- Suspension of payroll taxes;
- Compensation Fund.”
That list is taken from information from the BA and of those items, the last one is the most important. Breweries need a replacement cash flow and hopefully they can get it.