Yesterday the U.S. House of Representatives overwhelmingly passed bipartisan legislation that would make changes to the small business loan program to make it more accessible and allow for more flexibility for loan recipients. The Paycheck Protection Program (PPP) Flexibility Act, sponsored by Reps. Dean Phillips (D-MN) and Chip Roy (R-TX), would give businesses 24 weeks to spend the money instead of eight and lower the requirement that businesses spend at least 75 percent of the funds on payroll to qualify for loan forgiveness to just 60 percent.
Since the PPP launched on April 3rd, more than $500 billion in loans have been approved by the Small Business Administration (SBA). The PPP loan forgiveness application can be found here and more information on the PPP can be found here. The Senate is expected to give consideration to increased flexibility for the PPP upon its return to Washington next week.
Also this week a broad coalition of over 200 organizations including AIADA sent a letter to Congress requesting temporary and targeted liability protections for businesses struggling to reopen and operate safely during the COVID-19 pandemic.
ICYMI
The AutoTalk Webinar COVID Series presentations and slide decks are available now:
Customer Care and Business Guidance During a Pandemic
Tax and Financial Planning in the Time of COVID-19
COVID-19's Impact on Auto Sales
Minimizing Risk and Completing Deals Amid a Pandemic
An Update on COVID-19's Impact on Auto Sales
Paycheck Protection Program Update: What Have We Learned and What Are We Still Waiting On
Managing Your Cyber Risk (Attacks and Scams are Up During the Pandemic)
Sanitation and Decontamination Processes to Reduce Virus Risk
And be sure to register today for our other important upcoming webinars!
Quote of the Week
"As international nameplate dealers participate in phased re-openings around the country, it is crucial that they are provided the legal protections necessary to confidently welcome employees and customers into their stores. In uncertain economic conditions, targeted liability protection from Congress will provide assurance to small business owners acting in good faith that they will not be attacked with unscrupulous COVID-19-related lawsuits."
-AIADA Statement (Automotive News)
Must Watch
AIADA Chairman Jason Courter sat down with CBT News earlier this week to discuss the current state of the automotive industry and how things have changed in Washington in the wake of COVID-19.
Must Listen
Check out the latest Beltway Talk podcast, featuring Joanna Foust, Vice President-Government Relations for North American Subaru.
Friday Feel Good
Here are JUST A FEW recent examples of how the international nameplate auto industry is doing good in communities across the US during the COVID pandemic:
High Country Toyota in Alabama installed bird feeders in the courtyard at Cloverdale Manors, a local rehabilitation and nursing center, so that anyone under lockdown will have something nice to look at outside their windows.
Kia's "Telluriders" are continuing with their mission of delivering West Point, Georgia-made face shields to hospitals across the country to help workers in the midst of the COVID-19 pandemic.
Estabrook Toyota in Mississippi delivered "Backpack Buddy" lunches to kids who are out of school due to the COVID-19 pandemic.
Mazda Toyota Manufacturing donated masks to workers at Decatur Morgan Hospital.
Toyota's TILT lab has committed to the fabrication and donation of 500,000 commercial-grade face shields through June.
We want to hear more about how you are supporting your local community during this difficult time – tweet us at @AIADA_News.
