It's not too late to apply for small business loans as part of the Paycheck Protection Program (PPP). Late last week, Congress made available a variety of emergency loans to small businesses in response to the coronavirus pandemic. If you have not yet explored the PPP as an option, you can find the loan application and more details on the program here.
The PPP got off to a slightly bumpy start as banks adjusted to implementing the brand new program, but Treasury Secretary Steve Mnuchin has said that businesses will begin seeing loan checks as soon as next week. As has been widely reported, the PPP has experienced high demand from businesses impacted by COVID-19 and Congress has been in discussions to add funds to better meet the current need. Unfortunately, the Senate failed to reach a deal yesterday to add an additional $250 billion to the program. It is expected, however, that work will continue as Congress looks for ways to help small businesses weather the crisis.
ICYMI
AIADA's special COVID-19 webinar series is now available, including slides from the latest – Part 3: COVID-19's Impact on Auto Sales:
Part 1: Customer Care and Business Guidance During a Pandemic
Part 2: Tax and Financial Planning in the Time of COVID-19
Part 3: COVID-19's Impact on Auto Sales
And don't forget to sign up for the other important webinars coming up, including Minimizing Risk and Completing Deals Amid a Pandemic on April 16th.
TAKE ACTION!
HOST A VIRTUAL MEETING WITH YOUR LEGISLATOR
With in-person Dealer Visits on pause during the pandemic, you can still make your voice heard with your legislator(s). AIADA can help you set up a virtual meeting with your legislator. Contact AIADA's Government Relations team to sign up today!
Quote of the Week
"This has hit employees so hard — so quickly, so rapidly — that this [Paycheck Protection ] Program is really good for any small business to be able to, even for a small period of time, pay the employees what they're used to."
-Jason Courter, AIADA Chairman (Automotive News)
Friday Feel Good
Not only are dealers staying open to provide essential services in our country's time of need, but they're also doing so much good for their communities. Here are JUST A FEW recent examples:
- Russ Darrow Group in Wisconsin is providing free oil and filter changes, and other discounted services, for healthcare workers.
- Sand Mountain Toyota in Alabama is providing free lunches to K-12 students.
- Alexandria Hyundai in Virginia partnered with Hope on Wheels and Children's National to test hundreds of children for COVID-19.
Tell us how you are supporting your local community during the pandemic – tweet us at @AIADA_News.
AutoTalk COVID-19 Webinar Series
Treasury Department: Paycheck Protection Program Overview and Application
COVID-19 Resources for Dealers
AIADA's One-Page Print-Out: Plan and Respond to Coronavirus at Your Dealership
Federated Insurance Coronavirus Pandemic Directives and Go-To Resources
