Members of the BPAA: We are happy with the bipartisan agreement reached in the Senate yesterday to provide relief to bowling centers including their employees (as well as the many other venues) that have had to close due to the COVID-19 pandemic. We can all truly look forward and feel great about re-opening and once again serving communities after this crisis has passed.
At this time, the agreement will help bowling centers and their staff in many ways.
- A $454 billion loan guarantee fund will provide access to capital allowing centers to pay their fixed costs during the time they cannot generate revenue through normal operations.
- Small centers, the majority of our members, can benefit from expanded SBA programs that will allow them to also cover their expenses with some items eligible for loan forgiveness.
- Deferral of payroll taxes.
- Additional opportunity for loss carrybacks for businesses and technical corrections regarding qualified improvement property.
- Employee retention tax credit for centers that keep staff on their payroll in spite of closures and loss of revenue and sales.
- For employees (including part-time staff): Direct aid–up to four months–through extended and expanded unemployment insurance (increases in the weekly dollar amount) and advanced tax deductions payable now.
We feel a bit more confident that proprietors have some solid resources to help them make it through this and can be ready to re-open with the added knowledge that their staff is also receiving assistance through this as well and that their staff will have their jobs waiting for them when it is safe to reopen.
The BPAA appreciates everyone in and out of the bowling industry who support our efforts and recognize the important place bowling centers have in our communities. We look forward to the continued work of Congress and the Administration and to the quick passage in the House and signature by the President of this relief package.