After four months of gains, hardwood flooring imports fell 1% in October, according to ITTO. Compared with October 2019, imports of hardwood flooring declined 10%. Imports from China increased 17% during the month, but are down 54% year-over-year.
The Hardwood Federation is asking the industry to urge Congress to support language that would ensure Paycheck Protection Program loans remain tax-free. The IRS released a notice in November that could transform tax-free loan forgiveness into taxable income, “raising the specter of a surprise tax increase of up to 37% on small businesses when they file for their taxes for 2020,” according to HF. Negotiations underway in Congress include language that would correct the IRS interpretation, according to HF. To contact members of Congress on this matter, go here.
Mannington Mills (Salem, N.J.) announced the recipients of its John B. Campbell awards, which recognize employees for their service. This year’s recipients included: Joel Thomas, Howard Ridgway, Crystal Ellis, Angel Tucker, Darrell Boswell, Ron Cobb, Scott Williams, Jeff DeHart, Paul Knight, Brandon Williams, Amy Bradford, Janet Goley, Jack Lainhart and Mario Perez.
