ALERT: US Payment Protection Program Extension Act Signed Into Law

 In mid-March DEMA, along with dozens of U.S. trade associations, asked Congress to extend the application period for the Paycheck Protection Program (PPP) because of continuing Small Business Administration (SBA) processing issues. The SBA has approved nearly 7.6 million PPP loans worth more than $687 billion as of March 7. About $92.5 billion remains to be lent, after Congress approved an additional $7.25 billion for the program in the latest $1.9 trillion stimulus package signed into law earlier this year.

On March 30, 2021, U.S. President Biden signed the PPP Extension Act of 2021, a bipartisan bill that extends the application period for new loans through May 31, 2021, and grants SBA an additional month to process loan applications before the program’s conclusion on June 30, 2021.

The popular PPP created by Congress last year offers forgivable loans to businesses and nonprofits affected by the COVID-19 pandemic. Under the legislation, which passed the House by a vote of 415-3, PPP applicants have until May 31 to apply for a loan and the Small Business Administration (SBA) has a June 30 deadline to process them. 

“Based on recent economic data and the demand for PPP loans, it’s clear that small businesses still need support,” said House Small Business Committee Chair Nydia Velazquez (D-NY). “We are making progress in our public health fight against this virus, but this pandemic continues to impact communities across the country, and we can’t let up on our efforts. By providing small businesses with two more months to apply and giving the SBA an additional month to process applications, we will help ensure critical support isn’t cut off.”

More information and applications for the PPP can be found at the SBA.gov website.

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The Industry Asked, the Industry Answered!

 

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ALERT: U.S. Small Business Loan Repayment Deferment

The U.S. Small Business Administration (www.SBA.gov) has announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. 

This may impact your U.S.-based diving business if you took out an SBA Disaster Loan during the calendar year 2020 or in 2021. The SBA announced the following deferred deadlines:

• All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  
  
• All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.

According to the SBA notification, existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers. 

For all SBA loans, it is important to note that the interest will continue to accrue on the outstanding balance of the loan throughout the duration of the deferment.

For more information, see the announcement from the SBA here.

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DEMA Show 2021 Update: Las Vegas is Open for Business!

DEMA is closely monitoring convention activity scheduled in Las Vegas as plans are prepared for DEMA Show 2021.

We are excited to share that, as Las Vegas re-opens for conventions and meetings, the following in-person shows (with historical attendance of 5,000+) are scheduled for the 2021 calendar year.

These large face-to-face shows will help guide DEMA’s preparations to ensure DEMA Show 2021 provides a safe and quality meeting environment for all our exhibitors and attendees.

 

DEMA Board of Directors Elects Officers for 2021

 The Diving Equipment and Marketing Association (DEMA) has announced that Dan Orr, Dan Orr Consulting has been elected to the office of DEMA Board Chair. Orr was elected by members of the current Board of Directors utilizing procedures outlined in the Association bylaws. The election was conducted for the new year during the first regular meeting of the DEMA Board of Directors.

The DEMA Board of Directors has also voted in the following Officers:

• Patrick Hammer, Dive Right In Scuba, Senior Vice Chair
• William Cline, Cline Group Advertising, Vice Chair
• Tom Leaird, Scuba Educators International (SEI), Secretary/Treasurer

Congratulations to all the Officers of the DEMA Board! The next Board meeting will be held virtually on March 18, 2021. Additional information on DEMA's Board of Directors and Bylaws is available on DEMA.org.

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Ask the Industry! What Do You Want to Know?

We are pleased to kick off our new monthly feature, Ask the Industry!

• Interested in hearing how other businesses like yours are managing the pandemic?
• Need fresh new marketing ideas?
• Looking for some inspiration for how to motivate and reward your staff?

Each month, we'll start by asking YOU what questions you'd like to ask other members of the industry. Then we'll pick a few to turn back around and ask the industry to answer. We'll wrap up the month by sharing the responses the industry has submitted.

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