The Association for Unmanned Vehicle Systems International is helping commercial drone providers navigate the complicated skies of COVID-19 economic stimulus.
On Friday, April 3 at 2-3 p.m., the AUVSI will present a free webinar, “Coronavirus Relief Package: What Unmanned Systems Businesses Need to Know.”
Corporate attorney Tom Antonucci, a partner with Wiley law firm, will join AUVSI CEO Brian Wynne to discuss the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The webinar will specifically focus on the Paycheck Protection Program, a $349-billion initiative within the act that offers forgivable loans to ensure employers can maintain payroll.
Qualified businesses with fewer than 500 workers can apply to borrow up to 2.5 times average monthly payroll expenses with a $10 million ceiling. Interest rates are capped at 4 percent. The program includes self-employed and sole-proprietor businesses.
According to the SBA:
“The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.”
In response to coronavirus concerns, the AUVSI postponed its major drone show, XPONENTIAL 2020 last month.
“We are working on shifting the dates of XPONENTIAL 2020 to a more suitable timeframe and have tentatively identified the dates of August 10-12 for the 2020 event,” Wynne said in a letter to attendees and exhibitors.
“We are currently working closely with our convention venue and hotel partners in Boston to identify and secure the required amount and types of function space and requisite number of hotel rooms in the City of Boston to successfully conduct AUVSI XPONENTIAL 2020.”
Wynne added that, with the rapidly evolving COVID-19 situation, the group may also have to shift the date again. AUVSI set up a special email address [email protected] for inquiries or updates about the event.
Jason is a longstanding contributor to DroneLife with an avid interest in all things tech. He focuses on anti-drone technologies and the public safety sector; police, fire, and search and rescue.
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