News and Analysis
This week, Congress approved and President Trump will sign new funding legislation that does the following:
- Authorizes another $310 billion for the Paycheck Protection Program (PPP) — the SBA’s forgivable loan. ($60 billion of this will be earmarked for smaller lending facilities to better reach businesses that are minority-owned and in rural areas).
- Provides $10 billion for grants under the SBA’s Emergency Economic Injury Disaster Loan (EIDL) program and $50 billion for other emergency disaster loans and grants.
- Provides $75 billion for hospitals and $25 billion for COVID-19 testing.
If your business plans to apply for the PPP or EIDL, OMA Connections Partner GBQ Partners has this information on what you need to do now.
If you need free business counseling on SBA programs, find local expertise here. 4/23/2020
The deadline to cast your vote in Ohio’s extended, almost exclusively mail-in primary election is nearly here. Votes will be counted Tuesday, April 28. Ohioans who haven’t yet cast a ballot need to apply for an absentee ballot soon. Voters have three options:
- Apply for an absentee ballot by printing an application form available online, or have one sent to you;
- Call your county elections board to request a ballot; or
- Make your own vote-by-mail ballot request.
Remember, if you voted early before the March 17 primary election was canceled, you do not need to do anything.
Requests must be received at the board by noon on Saturday, April 25. Completed ballots must be postmarked by April 27 or submitted directly to a county elections board by 7:30 p.m. April 28. 4/14/2020
The Columbus Dispatch, in its April 17 editorial, pays tribute to Ohio manufacturers that have helped combat the coronavirus. The editorial cites examples of several Ohio companies that have shifted their operations to produce personal protective equipment (PPE) as part of the Ohio Manufacturing Alliance to Fight COVID-19.
“For all the closures, layoffs and isolation that have marked the past month in our coronavirus-erupted world, it is nice to also witness examples of American innovation and patriotism stepping up to lend a hand,” the editorial states. Read it here. 4/17/2020
The White House this week announced the names of more than 200 CEOs and other business leaders who will advise the administration on reopening U.S. economy. The list included National Association of Manufacturers President and CEO Jay Timmons, as well as leaders from the following OMA-member companies:
- Cargill — David MacLennan;
- The Procter & Gamble Company — David S. Taylor;
- Abbott Laboratories — Robert Ford;
- Pfizer Inc. — Dr. Albert Bourla;
- Eli Lilly and Company — Dave Ricks;
- Emerson — David Farr;
- Fiat Chrysler — Mike Manley;
- General Motors Company — Mary Barra; and
- United Parcel Service — David Abney.
See the full list of task force names. 4/15/2020
This week, Attorney General Dave Yost filed a lawsuit against a Chagrin Falls man for price gouging as he allegedly sold N95 masks on eBay for as much as 18 times the retail price. Yost said in a statement: “We will continue to take action against anyone else in this state price gouging during this pandemic.” 4/14/2020
An updated survey by Gallup shows Americans remain hesitant about whether they will resume their normal daily activities once COVID-19 restrictions are lifted and businesses start to reopen. The vast majority (71%) say they will wait to see what happens with the spread of the virus before engaging in normal routines. Republicans (31%), residents of small towns/rural areas (23%) and men (22%) say they are more likely to forecast that they’ll resume normal activities immediately. 4/15/2020
OMA Connections Partner Clark Schaefer Hackett is now offering a Cybersecurity HealthCheck to provide an efficient, economical way to evaluate the readiness of your IT security programs. The tool applies industry-leading guidance to your unique financial and operational environments. 4/15/2020
OMA President Eric Burkland and MAGNET President and CEO Ethan Karp recently teamed up on this editorial in Crain’s Cleveland Business to discuss efforts by Ohio manufacturers to produce desperately needed protective equipment for front-line medical workers and first responders.
The pair wrote: “Coming out of this crisis will be the right time to bring more supply chains back home, starting with the medical sector and expanding from there. … It will allow us to make more things locally. And the more local products we create, the more jobs we create.” 4/13/2020
The Cleveland Fed has just published a three-part series on manufacturing in the industrial heartland. “Manufacturing under Pressure” weaves together the observations and family stories, and includes data visualizations, photography and videography that offer an overview of how manufacturing in our region has evolved over the past 140 years.
Despite the challenges, “the future is bright for U.S. manufacturing and the people and places invested in it,” the Cleveland Fed writes. 4/15/2020
Forbes reports on a recent study that finds more U.S. manufacturers are either leaving China or contemplating an exit. The U.S.-China trade war and supply chain disruption due to COVID-19 are driving factors.
According to global manufacturing consulting firm Kearney and its seventh annual Reshoring Index, there has been a “dramatic reversal” in the index’s five-year trend “as domestic U.S. manufacturing in 2019 commanded a significantly greater share versus 14 Asian exporters tracked in the study,” 4/13/2020