This is a quick update on the federal loan program that Congress passed last week - As of 2:00 PM today, the Treasury Department had issued a
FACT SHEET on the loan application process and how to apply. MADA strongly recommends that you register for the
NADA Webinar: Making Sense of the New SBA Paycheck Protection Program - Practical Considerations for Dealers. I had a preview of this webinar this afternoon. It will address dealer specific questions on how to apply, determine the loan amount, what impact employee layoffs haver on loan forgiveness, and other useful information. The webinar will be tomorrow, April 1st, from 1-2 PM. We have also included some links which give an overview of the CARES Act. Please call the MADA office if you have any questions.
Coronavirus Emergency Loans: Small Business Guide and Checklist
NADA has been working with the U.S. Chamber of Commerce on reviewing the business-critical elements of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.
Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses, which may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The Chamber has issued a guide,
Coronavirus Emergency Loans: Small Business Guide and Checklist
, to help small businesses and self-employed individuals prepare to file for a loan. The guide covers issues related to eligibility, application criteria, borrowing amounts and forgiveness. It is an important resource for dealers to review as we await more details from the Administration on the program, including the list of lenders that will be offering loans under the Paycheck Protection Program.
An
additional guide
on the Paycheck Protection Program has been released by the U.S. Senate Committee on Small Business and Entrepreneurship.
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