COVID-19 Update: Paycheck Protection Program Funding Increased

Dealership Operations During the COVID-19 Pandemic

IADA has compiled the latest coronavirus-related updates into one email for you. Let Brittany Bungert know if anyone else at your dealership should be on this distribution list.

Watch for emails from IADA and NADA to receive the most up-to-date information your dealership needs to know during this public health emergency.

Paycheck Protection Program

Congress Increases PPP Funding

The House and Senate passed legislation increasing funding for the Paycheck Protection Program (PPP) by $310 billion. The bill does not make any changes to PPP eligibility.

PPP Resources from NADA

PPP Loans: Use of Proceeds & Forgiveness

The CARES Act & Dealerships Frequently Asked Questions

SBA & Treasury Department Update FAQ

The SBA and Treasury Department released an updated PPP FAQ earlier this week. The update adds a new question, "Do businesses owned by large companies with adequate sources of liquidity to support the business's ongoing operations qualify for a PPP loan?" The answer, in part reads "Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that '[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.'"

Further guidance from the SBA on PPP loan forgiveness is expected next week.

NADA Updates Paid Leave Mandates FAQ

NADA updated its New Federal Emergency Leave Mandates Frequently Asked Questions to reflect the Department of Labor's updated guidance, which includes how to computer hours and regular rate of pay as well as clarifications on qualifying for FFCRA sick leave.