Updated Gov't. Resources for Business Support Programs

Dear WANADA Members,

Over the weekend, President Trump signed  the Paycheck Protection Flexibility Act , which creates some important changes to the SBA's Paycheck Protection Program, including extending the length of time that forgivable loans can be spent from eight weeks to 24 . 

Our friends at the National Automobile Dealers Association have updated their CARES Act guidance to reflect the new legislation, along with their PPP loan forgiveness information resource. 

We anticipate that the Treasury Department will, at some point, update their FAQ page on the program. You can view a full list of relevant PPP documents and guidance on the SBA's website at this link.  Please note that June 30 remains the deadline for applying for a PPP loan. As of May 30, more than $510 billion in SBA 7(a) Loans had been approved through the program, but tens of billions of dollars remain available.

In addition, the Internal Revenue Service has published a helpful PDF summary of some of the tax credits made available to businesses through the CARES Act and the Families First Coronavirus Response Act (FFCRA). This includes an outline of the Employee Retention Tax Credit, which is an alternative to the PPP created by the CARES Act, and the paid sick and family leave credits that were expanded through the FFCRA. We encourage you to print out and review the PDF, which really does a great job simplifying the parameters of these important tax credits.

Financial Support for Fairfax and Anne Arundel Businesses

We also wanted to remind you about two local financial resources for small businesses impacted by the COVID-19 crisis. Fairfax County is now accepting applications for the Fairfax RISE COVID-19 Small Business and Non-Profit Relief Grant Fund, and will continue doing so through June 15. Please click here to view an FAQ page about the program, which will provide up to $20,000 in grant funding for Fairfax County-based small businesses and non-profits with 49 or fewer employees. You may apply for the grant program at this link.

Anne Arundel County is also offering up to $10,000 in grant funding for county-based small businesses that need to buy personal protective equipment for employees. Please click here to learn more about the process, and for more information on qualifying expenses. You can apply for the program at this link.

Summary

Please let me or Joe Koch ( jk@wanada.org) know if you have any questions. All of the federal government and NADA resources mentioned above can be found on  WANADA's COVID-19 Information Library. We will also be sure to let our members know when the federal government has updated their PPP guidance to reflect the recent changes enacted into law.

Sincerely,
  
John O'Donnell
WANADA President and CEO