TIA Daily COVID-19 Update: April 24th
As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for April 24. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.
FEDERAL GOVERNMENT UPDATE:
Today President Trump signed into law the latest interim relief package that provides an additional $310 billion for the PPP loans. TIA recommends that all members that didn’t take advantage of the first round of funds, needs to take advantage of this pot of funds as soon as possible, as it is high unlikely that it will last. There have been several questions about what to do with commission based employees, and unfortunately there isn’t too much guidance on this from the SBA and Treasury. The guidance defines the payroll costs as:
Payroll cost means the sum of payment of any compensation to (or income for sole proprietors and independent contractors), that is a wage, commission, income, net earnings from self-employment, or similar compensation, paid during the Covered Period, in an amount which does not exceed $100,000 per person on an annual basis, prorated over the Covered Period. At least 75% of the forgiven amount must fall into this category.
TIA is excited to announce the launch of our new Finance 101 online course. In recognizing the unprecedented disruptions to all aspects of business and life caused by the COVID-19 crisis – as well as looking ahead to the expected boom in business once the economy reopens – TIA is offering complimentary registration to TIA Members through April 30, 2020. Once registered for the Finance 101 online course, users will have full access for 60 days.
Today’s industry update comes to us from Ken Adamo, DAT’s Chief of Analytics. It is our mission at DAT to help customers mitigate uncertainty in their businesses. We have been closely observing trends in the markets in near-real time and aim to provide valuable and actionable information to the market, not sensational and reactionary headlines. To advance that objective, we are releasing this market update with hopes that it provides value and helps those trying to understand this tumultuous market.
NOËL PERRY UPDATE:
Another mixed mid-week day, although the U.S. is a thousand cases per day below the average of last week’s weekdays. Again, the death count fell. You can see in the last column of Exhibit 2 that most states are below Tuesday’s level, the day I began the state analysis. Massachusetts produced almost all the case increase yesterday. They have been up sharply the last two days, reflecting their acceleration of testing. The Massachusetts death count per day is stable. New York and New Jersey are also testing more people per day.
We’ll be back on Monday with COVID-19 updates and information that came through over the weekend.
For our [5th or 6th] Friday of captivity, please enjoy the antics of Bob Hope and Bing Crosby as they sing “Put it There Pal,” with clips from their “Road Pictures” which have kept us entertained since 1940 with the “Road to Singapore.” Bob Hope made 57 tours for the USO between 1941 and 1991 and was declared an honorary veteran of the U.S. Armed Forces in 1997 by an act of Congress. Crosby joined Hope on many of these tours and conducted his own. True national treasures that continue to make us smile and laugh – two things we need a lot of right now. Have a great weekend, do something different, sit in a different chair.