Brian Wallace, president and CEO of the Coin Laundry Association, presents a quick update on the laundromat industry and the CLA.
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The CLA has been advocating strongly for the vaccination of laundromat employees as essential workers. It’s important to let local authorities know that these workers need to be vaccinated as soon as possible. Last week, the CLA published some helpful resources, including a press release and a letter template you can use to send to local government and health officials.
For more information, visit our COVID-19 resource page:Click for COVID-19 Resources
There was a major disruption in the flow of coins due to the pandemic. The CLA has been working with the U.S. Mint and the Federal Reserve’s U.S. Coin Task Force over the last year. The restrictions imposed by the Fed were removed in mid-January. Although the amount of coins in circulation aren’t quite back to normal, the situation is expected to improve.
According to our survey, as many as 2/3 of laundromat owners have reported as having been affected.
There is a second round of PPP (Paycheck Protection Program) funding available. Many store owners have taken advantage of these forgivable loans to help keep their staff employed. $284 billion dollars are now available to help businesses.
The CLA has advocated to have expenses paid by PPP funds to be considered tax-deductible and maintains that stance for PPP2.
Past and Future
2020 was a struggle, but we’re proud of how resilient and adaptive the laundromat industry has been throughout this crisis. As we look toward 2021, we need to continue to keep our customers and employees safe. We expect to continue to see increased interest from those looking to get into the industry and own their own laundromats.
Remember, laundromats are essential!
Here is a list of upcoming virtual events from the CLA:
- From Self-Service to Commercial Accounts: How to Get Started,
January 28, 2-3 p.m.
- Water Heater Basics for Laundromat Owners, February 3, 2-3 p.m.
- For New Investors: Getting Into the Laundry Business,
February 9, 11 a.m. – noon
- Wash-Dry-Fold 101, February 25, 2-3 p.m.