The results of a new survey taken, including members of the National Tooling & Machining Association (NTMA) and Precision Metalforming Association (PMA) reveals that manufacturers are battling with tough economic challenges due to the raging pandemic. As a result of this, the bodies are urging Congress to keep making access to federal loan programs available. Policy priorities of manufacturers are that Congress should create long term low interest loans, so that they would be able to purchase needed raw materials and machinery, as well as business liability protection, given the effect of the pandemic.
- Recently, the National Tooling & Machining and Precision Metalforming Association conducted a survey of those workers in the industry.
- Survey results indicated that according to the economic outlet of those in the industry, more federal loan programs needed to be made available.
- Among the survey’s array of findings was the fact almost 90% of respondents were experiencing revenues lower than they did prior to the pandemic.
“As Congress works on more lending options, cash flow remains a concern as 79% of respondents said they would seek another PPP loan if available.”