RIMA June/July Newsletter 2021

Newsletter June/July 2021 Issue

Businesses Supporting b usinesses

Topics

* MEMBER SPOTLIGHT *

* Goldman Sachs survey shows small businesses still struggling

*RIMA has been actively fighting the PPP tax using voter voice to send a message to elected officials

*Rhode Island has the highest penalty rate in the U.S. 18%

*Business Climate: RIMA in-conjunction with the RI Business Coalition held a press conference regarding the PPP tax, income tax and high wage tax legislation

*Dan Yorke Show snippet with Dave Chenevert Video

*Effects of Increasing the Corporate Tax Rate

*Manufacturing Job Openings Soar

*Economic Update Across the Country

*Takeaways-Overall, MFGS.remain very

*Manufacturing Tidbits

*May Economic Results

* Polaris Events.... Check us out

** JOIN RIMA **

Businesses Supporting b usinesses

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Effects of Increasing the Corporate Tax Rate

The new analysis calculated the effects of increasing the corporate tax rate to 25%, increasing the top marginal tax rate.......

Economic Update Across

the Country

Yet, raw material costs and output prices soared once again at all-time high rates, and IHS Markit survey respondents continued to................

Manufacturing Tidbits

Manufacturing employment

rebounded somewhat, rising by 23,000 in May after falling by a downwardly revised 32,000 in April. There remained 509,000.............

RIMA has been actively fighting the PPP tax using voter voice

Voter Voice is an easy way to send a message to elected officials, We have written editorials on the tax issues.

Voter Voice Link

RIMA

2021 Events

Sponsorship Opportunities are

still available

Date: July 28th

Workshop #2: Helping Rhode Island manufacturers win the war for talent by attracting and retaining the best employees

Platform/Location: Zoom

Date: August 17th ** IN PERSON EVENT **

Annual Awards Dinner (2 Honorees)

Location: Kempenaar's Clambake Club

Time 4:30 pm - 9:00 pm

Date: August 23^rd ** IN PERSON EVENT **

Congressional Summit: An opportunity to discuss the issues that are facing Manufacturers in today's world with the Congressional Leaders

Location: Providence Marriott

Date: September 13^th * IN PERSON EVENT *

Annual Golf Outing:

Location: Kirkbrae Country Club

**** HUGE EVENT B2B Event ****

Date: October 5^th ** IN PERSON EVENT **

B2B and Manufacturing Week Kick-off:

Location: Crowne Plaza in Warwick, RI

Date: November 16^th

Workshop #3: The Cost of Energy: Learn How to Reduce Costs and Better Understand Your Electric and Natural Gas Supply Invoices

Platform/Location: Providence Marriott if in

Person and Zoom as alternative format.

RIMA Event Registration

Check Us Out -- Events

Goldman Sachs survey shows small businesses still struggling due to higher operating costs,

labor shortages

By Nancy Lavin -June 9, 2021, 10:46 am

PROVIDENCE – The worst of the pandemic appears to be over, but skyrocketing operating costs have small businesses still struggling.

This was one finding of a Goldman Sachs survey published on Wednesday. The survey of graduates of its 10,000 Small Businesses program suggested that more than eight in ten small-business owners are facing

**82% of small-business owners who received a second round of funding through the Paycheck Protection Program expect to run out of funds by the end of July, and only a quarter think they can cover payroll costs on their own after that!!!

The Penalty Rate 18%

Rhode Island has the highest penalty rate in the U.S. 18%

House Bill 5213 and Senate Bill 6715 changes the rate of interest for underpayments of tax to prime rate plus six percent(6%).

Send in your Letter NOW

Takeaways Highlights

*The J.P. Morgan Global Manufacturing PMI rose from 55.0 in March to 55.8 in April, the fastest pace in 11 years....

*Overall, manufacturers remain very upbeat in their outlook for production over the next six months......

*Eight of the top nine markets for U.S.-manufactured goods had expanding.....

Manufacturing Job

Openings Soar

The Bureau of Labor Statistics released its Job Openings and Labor Turnover Survey, which showed a record 851,000 manufacturing job openings in April, up from 749,000 the month before......

May Economic Results

Manufacturing production rose 0.9% in May, bouncing back after edging down 0.1% in April. More importantly,...........

Business Climate: RIMA in-conjunction with the RI Business Coalition held a press conference regarding the PPP tax, income tax and high wage tax legislation.

We had small, medium and large companies in attendance. The summation of these three issues added to many other legislative issues correlates directly with our ranking as one of the worse states in the country for Business Climate.

RIMA and the Business Coalition have taken the position that enough is enough. We need to take back our state and create a healthy balanced economy by working together to insure that our interests are heard. We need to work with others and be part of the solution to a vibrant economy.

Document attached

Dan Yorke Show snippet with Dave Chenevert: Click here for Video