SBA reopens Paycheck Protection Program
The Small Business Administration (SBA) is reopening the Paycheck Protection Program (PPP) this week in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act by making $284 billion available to new (First Draw) and certain existing (Second Draw) borrowers. First Draw PPP loan applications began acceptance on January 11, by a limited number of community financial institutions. Lenders will start accepting Second Draw PPP loan applications on Wednesday, January 13. Read more.
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January is prime for scammers, fake emails
January is a prime time for scammers and con artists. Please ALERT your team to be aware of potential fake product and service emails and fake invoices. They are taking the chance you will pay these on accident. If you do, recovery of the payment is next to impossible. Question every invoice from a vendor you do not recognize, whether by mail or email.
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Reminder: Mandated leave requirements have expired
Please be aware that FFCRA mandated leave requirements expired on December 31, 2020. However, an employer may voluntarily decide to provide leave. To read more about employer tax credits under the Consolidated Appropriations Act, click here.
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SBA makes no changes to large borrower questionnaire
The SBA has issued a notice asking for additional comment on Form 3509, the PPP Loan Necessity Questionnaire for For-profit borrowers, but has yet to modify it aside from assigning a new expiration date of Dec. 31, 2023. Any version with an expiration date other than Dec. 31, 2023 in the top right hand corner, is expired. You can request the correct version from your lender. Read more.
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IRS Form 8300 reminder - notices due by January 31
You have until January 31 to notify any purchasers for whom you were required to file a Form 8300 (Cash Reporting) in the prior year, that your dealership filed the form with the IRS. If you have already given the customer written notice, you do not need to do it again. Additionally, if you filed Form 8300 voluntarily in order to report a suspicious transaction, you should not inform the customer of the filing. Read more.
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Reminder: Odometer disclosure exemption has changed
Reminder: As of January 1, the National Highway Traffic Safety Administration (NHTSA) has changed the odometer disclosure exemption requirements for motor vehicles. The new 20-year odometer capture exemption requirements apply only to vehicles that are 2011 model year or newer. Vehicles manufactured with a 2010 model year or older remain exempt under the 10-year exemption. Read more
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FADA dealer members are known for generously supporting your communities.
Below we've highlighted a few good deeds:
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Braman Motorcars donates meals and toys
Thank you to Braman Motorcars for donating over 6,500 toys to Toys for Tots' annual toy drive in West Palm Beach. In addition, they contributed 161,000 meals to the annual Drive to End Hunger. Together, regional BMW dealers teamed up to deliver a total of 2.4 million meals!
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Reed Automotive Group gives new car to teen
Thank you to the Reed Automotive Group for your extraordinary gift of a new Nissan Versa to a young adult in foster care. Reed Automotive has been a long-standing partner with Embrace Families and has generously donated cars to older youth over the years as well as provided hands-on work experience to children in their care.
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George Nahas Chevrolet supports food pantry
Thank you to George Nahas Chevrolet for your generous donation to Wildwood Food Pantry. The pandemic didn't stop you from looking out for your neighbors. Your donation, along with other community partners, helped keep food stocked for those in need.
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Bill Cramer donates to Salvation Army and Tyndall Air Force
Thank you to Bill Cramer Chevrolet Cadillac Buick GMC for supporting the Empty Stocking Fund, an annual fundraiser of The Salvation Army. Donations helped bring holiday cheer to Panama City's needy families with Christmas toys, hot meals, nights of shelter and other life-changing needs. Additionally, they gave a large donation to Tyndall Air Force Association to help buy Christmas gifts for children of the airmen at Tyndall.
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Miracle Toyota launches program supporting frontline workers
Thanks to Miracle Toyota for introducing their C3 Commitment program for 2021. The three Cs stand for customers, community and charities. During the month of January, Miracle Toyota is providing free lunches and car washes every weekend for frontline workers. Over 600 lunches will be catered to the Haines City Police Department, Davenport Fire Department, Wal-Mart employees and Advent Health Heart of Florida. Each month there will be a new theme highlighting community heroes. Look for more information on their continued efforts in Haines City.
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Distributed January 13, 2021
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