There will be no fall in-water boat shows on the Great Lakes this year, as another major market event, the Metro Boat Show in Detroit, has been scrubbed by the Michigan Boating Industries Association. The show was slated for Sept. 17-20.
“We’ve been watching the numbers along with Gov. Whitmer, and even though we are confident that our safety protocols at this outdoor retail experience could keep consumers and exhibitors safe, the fact that the case numbers are going up again makes us pause,” said Pete Beauregard, show advisory committee chair. “We want to support all efforts to stop this virus, and we believe cancellation is the most prudent course of action for all our stakeholders.”
Executive director Nicki Polan also noted they wanted to make the decision now to free up dealers’ show dollars, which they can now direct to other marketing channels. “As an association, we will continue to urge prospective boat buyers to go directly to their local dealer for great deals and to see new 2021 models coming in regularly,” Polan added.
Looking ahead, like many other marine trade associations, Polan also emphasized that MBIA is fully committed to producing its full 2021 show schedule, including the Detroit Boat Show in January; the Novi Boat Show in March and the Metro Boat Show.
No Rush to Forgiveness
If you are among those participating in the Paycheck Protection Program and are concerned about getting through the forgiveness process, the heat may be off, as experts now say borrowers shouldn’t rush to apply.
First, long-needed clarifications of many PPP issues have yet to come from the Treasury Department and the Small Business Administration, which administers the program. Moreover, any forgiveness application doesn’t reflect the recent five-week program extension deadline to Aug. 8 signed by President Trump.
PPP loan recipients can have their loans forgiven in full if the funds were used for eligible expenses and other criteria are met. However, the amount of the loan forgiveness may be reduced based on the percentage of eligible costs attributed to non-payroll costs, any decrease in employee headcount, and decreases in salaries or wages per employee.
Adding to the confusion is that Congress is now set to battle out a new round of Covid-19 relief, which will likely include a second PPP. It could result in more changes — for example, relaxing the forgiveness requirements for the smallest loans of up to $100,000 or $150,000. But don’t look for SBA and Treasury to release needed FAQs before this new relief legislation is passed and signed by Trump. How all that will go is anyone’s guess.
Meanwhile, if you are in the PPP and are eager to complete the forgiveness process, the best advice is to relax. The key existing deadline for forgiveness doesn’t come until 10 months after the end of your loan’s covered period. Currently, only if forgiveness forms have not been submitted at that point would the funds revert to a loan requiring repayment. Anyway, the SBA has also announced it will not begin accepting PPP forgiveness submissions from lenders until a new software-as-a-service platform that’s under development starts up Aug. 10.
Still confused? How about this: SBA is also saying the launch could be delayed if any new legislation changes the forgiveness process in ways that require changes to the new platform.