Dear World Floor Covering Association Member,
As you are likely all aware from our previous communications, the application process for the SBA’s PPP loans began on Friday of last week. Here is what we know as of today: $70 billion has been assigned by banks to those applying for loans; thus far, from what we are hearing, banks participating in the program are only working with pre-existing customers; many banks have opted not to take part in the program at all; already the federal government is committing to extend the loans beyond the $350 billion that was initially committed.
We continue to work on an online solution, but due to the fluidity of the situation, we have been delayed. It is still our intention to provide a simple and easy online solution to our members as soon as it is available. However, if you have an existing relationship with a bank that is taking part in the PPP process, we recommend you secure your loan as soon as possible. We will keep you updated on our solution as the status changes.
Let me take this opportunity to remind you that we have made access to the WFCA Online University FREE to our members through the month of April. In addition, our lobbying firm – Lobbyit remains very involved in the negotiations and communications from our nation’s capital. Our legal counsel, Jeff King has responded individually to countless requests for specific information and interpretations of the legislation that is coming to us from DC. His responses likely cover your areas of concern, and are available to you on www.wfca.org in the “Coronavirus Response Resource Center”. This area also contains vital information on insurance, family leave, SBA loans, fraud, state by state guidelines on exempt vs non-exempt employees, Canada specific responses, and so much more.
Finally, we are offering another live webinar Thursday, April 9th at 2:00 p.m. Eastern time. Register now to participate in the upcoming webinar. This is your best opportunity to receive up to date information on legislation impacting you and determine what you should do to take advantage of the stimulus being provided.
As always, we stand ready to meet your needs. If you have specific questions of a legislative or legal nature, please direct those concerns or questions to firstname.lastname@example.org or email@example.com.
The WFCA Team