How the Stimulus Bill Affects the Recreational Boating Industry

The National Marine Manufacturers Association has compiled information relevant to and helpful for the nation's boating industry in response to the coronavirus pandemic.

How the Stimulus Bill Affects the Recreational Boating Industry

The ongoing coronavirus pandemic has hit the boating  industry hard, from the manufacturing floor to some states closing boat ramps and access points.

The National Marine Manufacturers Association has compiled information relevant to and helpful for the nation's boating industry in response to the coronavirus pandemic.

The U.S. Senate approved the $2 trillion Coronavirus Aid, Relief, and Economic Security relief package that was forwarded to the House of Representatives. NMMA officials lobbied for provisions to be included that would benefit the boating industry; some were included, some not.

NMMA officials say the organization stands ready to help the industry navigate the relief process. Two versions of the relief package  factsheet are available here:

The topline overview is also below.

For help with other questions contact NMMA’s COVID-19 taskforce at taskforce@nmma.org.

NMMA Priorities Secured

Congressional Action to Ensure Financial Certainty for Businesses

Included

  • Provide $350 billion to small businesses (boat building qualifies as less than 1,000 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.

Not Included

  • Create a federal Manufacturing Resiliency Fund.
  • Permanently repeal research and development amortization.
  • Assist with major event and meeting cancellations.


Administration Actions to Complement Congressional Efforts

Tax Relief

Included

  • Delay all scheduled federal tax payments for 90 days by waiving interest and penalties that would otherwise apply.

Tariff Relief

Included

  • USTR removed some Section 301 tariffs related to fishing tackle bags, certain trailers, cleats and chocks, and components such as cam/crankshafts and certain mountings/fittings.

Not Included

  • At this time, USTR has kept in place most tariffs on imported Chinese products.

Continued Access to Public Waters

Included

  • Waive all fees to access public lands and waters.

Not Included

  • Keep federal lands and waters open and accessible within Centers for Disease Control and Prevention recommendations.



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