Paycheck Protection Program Runs Out; Ask Congress for More Funding! | American International Automobile Dealers

This week the Paycheck Protection Program (PPP), authorized by Congress to provide nearly $350 billion in loans to small businesses during the COVID-19 pandemic, officially ran dry. AIADA joined over 250 national and state business groups on a letter to congressional leadership urging additional emergency funding for the PPP. Treasury Secretary Steve Mnuchin and Small Business Administration (SBA) Administrator Carranza also issued a statement urging Congress to act to add additional funds to the program. AIADA also joined fellow auto industry trade groups on a letter to Secretary Mnuchin and Administrator Carranza seeking that allowances be made for the unique relationship between dealers and motor vehicle captive finance companies and that they be included as lenders through the PPP.

Talks are currently ongoing on how to replenish funding for the PPP, with disagreement about whether money for small businesses should be accompanied by money for hospitals and state and local governments. Legislators are currently not expected to return to Washington until May 4th at the earliest but could convene a special session if a deal is reached to authorize more money for the PPP.

TAKE ACTION!

Contact Your Legislator(s) and urge that Congress move quickly to authorize additional funds for the Paycheck Protection Program!

or use AIADA's grassroots system to quickly and easily send an email!

ICYMI

Check out AIADA's special COVID-19 webinar series, including slides from the latest – Part 4: Minimizing Risk and Completing Deals Amid a Pandemic.

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

Part 4: Minimizing Risk and Completing Deals Amid a Pandemic

Be sure to REGISTER TODAY for our other upcoming important and timely webinars!

Quote of the Week

"The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need."

-Secretary Steve Mnuchin and Administrator Jovita Carranza, April 15th Joint Statement (www.treasury.gov)

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:

Honda Auto Center Bellevue in Washington provided baked treats to essential healthcare workers.

The Washington Area New Auto Dealers Association made a $50,000 donation to MedStar Georgetown University Hospital.

Rice Toyota in North Carolina is providing free wi-fi for students in need.

Hyundai Motor America has doubled, to $4 million, the grants it is providing to 22 hospitals across the country for COVID-19 drive-thru testing as part of its Hyundai Hope on Wheels program and . plans to supply 65,000 test kits developed by Seegene, a South Korean molecular diagnostics firm.

Mazda and its U.S. dealership network are giving U.S. healthcare workers a free oil change and enhanced vehicle cleaning free of charge.

Carter Myers Automotive in Virginia has established a helpline and has staff available to deliver groceries, pick up prescriptions and run other essential errands for those that cannot.

Lou Bachrodt Auto Group in Illinois is offering free vehicle disinfecting services for frontline workers.

Tell us how you are supporting your local community during the pandemic – tweet us at @AIADA_News.