The potential for a commercial credit crisis is now top of AAFA's agenda. See letters sent on June 2 and on June 23 to Fed Chairman Jerome Powell, Treasury Secretary Steven Mnuchin, and Commerce Secretary Wilbur Ross, and take part in AAFA's weekly COVID-19 policy calls to learn more.
On April 21, the Senate reached a deal on a $484 billion relief package that would add funds to the previously passed CARES Act. Details on the deal are available from the U.S. Chamber of Commerce.
Additional resources from the U.S. Chamber of Commerce on the CARES Act:
For background on the CARES Act, access our webinar recording from March 31.
On April 19, President Trump issued an Executive Order to defer limited amounts of duty payments for 90 days if a company can show economic hardship due to the COVID-19 pandemic. The Order does not cover products impacted by the administration's trade war, such as those hit with punitive tariffs under Section 301. AAFA’s reaction to this move is available here.
For more information, see the following from Customs and Border Protection (CBP):
The Order leaves much of the industry without relief and AAFA is pushing tirelessly for additional relief. AAFA also encourages the industry to send a pre-drafted letter to Congress.