Yesterday the U.S. House of Representatives voted overwhelmingly to pass another coronavirus relief package, which included an additional $321 billion for the Paycheck Protection Program (PPP), and it was signed into law today by President Trump. AIADA joined hundreds of other business groups in urging Congress to act quickly to replenish the program and provide relief for businesses and employees. The U.S. Senate had already passed the legislation on Tuesday.
The PPP, initially authorized to provide loans to small businesses in the last round of congressional coronavirus relief, quickly ran dry as demand outpaced available funds. Similar to the last round, the fresh PPP funds are expected to run out relatively quickly, so dealers are encouraged to apply as soon as the program begins once again accepting applications. The Small Business Administration (SBA) has published a list of participating lenders by state and additional information can be found here.
ICYMI
All of the AutoTalk Webinar COVID Series are available:
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
And register today for the next in the COVID series, An Update on COVID-19's Impact on Auto Sales, coming up on April 30th.
Quote of the Week
"We've been through automobile manufacturer strikes. We've been through depressions. We've been through recessions. We've been through high gas prices and low gas prices. We've been through good times and bad times. We usually get through it just because we know how to react to these situations."
- Representative Mike Kelly (R-PA) (Automotive News)
Must Read
Check out the latest Chairman's Blog from AIADA Chairman Jason Courter, "Help Wanted."
Must Listen
Don't miss the latest Beltway Talk podcast, in which Erin Kerrigan of Kerrigan Advisors discusses where the buy-sell market stands.
Friday Feel Good
Kia Motors America is making medical face shields at their West Point, GA facility.
BMW Group is providing vehicles to healthcare facilities, helping to deliver Meals on Wheels and assembling 1000 care bags of surgical masks for healthcare workers.
Toyota Motor Manufacturing Texas gave $50,000 to the United Way of San Antonio and Bexar County to provide COVID relief.
Jack Daniels VW in New Jersey offered vehicles to deliver medical supplies to frontline workers.
Sansone Auto Group in New Jersey offered vehicles to deliver leftover food from restaurants to food pantries.
Some dealers, including Fox Valley Auto Group in Illinois and Island Auto Group in New York, are offering complimentary use of loaner vehicles to frontline workers.
Sellers Auto Group in Michigan has partnered with Legacy Service Solutions to provide health care workers and first responders with a complimentary antimicrobial solution for their cars.
Prestige Lexus of Ramsey in New Jersey is cleaning the air inside the vehicles of emergency personnel using a machine which removes microbes from recirculated air.
County Line Nissan in Connecticut is offering free oil changes for emergency and medical personnel.
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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
