IPC Welcomes U.S. Economic Stabilization Package, Proposes Agenda for Economic Recovery and Resiliency in Electronics Manufacturing
On behalf of electronics manufacturers in the United States and around the world, IPC thanks the U.S. Congress and the Trump administration for reaching agreement today on a $2 trillion economic stabilization package to address the fallout from the COVID-19 pandemic.
“The federal government is taking unprecedented measures to help the U.S. economy weather and recover from the current global crisis,” said IPC President and CEO John Mitchell. “The $2 trillion stimulus bill will extend rapid financial relief to the businesses and individuals that need it most.”
The White House and bipartisan leaders in Congress have agreed on legislation that includes the following provisions of interest to the electronics manufacturing industry:
- Financial Help for Hard-Hit Businesses: The bill includes $500 billion in loans and loan guarantees, including $17 billion for businesses critical to national security, $350 billion to help small businesses; and $50 million for the Hollings Manufacturing Extension Partnership to help small- and medium-sized manufacturers expand markets.
- Assistance for Health Care: More than $150 billion is included for hospitals, which are among the nation’s largest purchasers of electronic systems.
- Unemployment Insurance: The bill includes $250 billion to expand unemployment insurance and extend coverage to four months.
As a next step, IPC is urging federal officials to take additional actions to support the electronics manufacturing sector and drive the nation’s economic recovery. Specifically, IPC urges U.S. Government officials to adopt measures in IPC’s Roadmap to Economic Recovery, including:
- Keeping essential factories open by recognizing electronics manufacturing for defense and healthcare needs as “critical infrastructure”;
- Supporting supply chain resiliency by adopting a $10 billion Electronics Manufacturing Initiative;
- Spurring global trade by suspending import duties on all countries that agree to reciprocal treatment for U.S. exports, and deferring the payment of import duties;
- Delaying non-essential regulatory proceedings;
- Facilitating transportation and shipping recovery;
- Supporting the financial security of manufacturing workers; and
- Keeping manufacturing workers healthy by clarifying workplace health protections for essential facilities.
“Electronics manufacturing is as critical to the economy as the nervous system is to the body,” said Mitchell. “Although our industry’s numbers will be depressed in 2020 and 2021, just like everyone else’s, we believe electronics will be at the center of the recovery, because we’re at the center of the economy.”
Electronics manufacturing supports more than 5.3 million U.S. jobs and drives more than $714 billion in U.S. GDP. Every single U.S. electronics manufacturing job supports three other jobs in the U.S. national economy, a strong multiplier effect.
For additional information, visit IPC’s COVID-19 (coronavirus) resource page at www.ipc.org/coronavirus.