NIADA Urges Dealers to Help Pass CARES Act
Association Members Should Contac
t Their Representative to Ask Them to Support the Small Business Relief Provisions in H.R. 748
Arlington, Texas (March 26, 2020)
– The U.S. Senate has just passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, which has been introduced in the House of Representatives as H.R. 748.
The bill contains several provisions that will provide NIADA member dealers and other small businesses with necessary cash flow and other aid during the COVID-19 pandemic.
Those provisions include:
• $349 billion in small business interruption loans for paid sick or medical leave, employee salaries, mortgage or rent payments, utilities and any other debt obligations.
• An opportunity for small business borrowers to obtain loan forgiveness equal to the amount spent by the borrower during an eight-week period after the origination date of the loan on payroll costs, interest payment on any mortgage incurred prior to Feb.15, 2020, payment of rent on any lease in force prior to Feb. 15, 2020, and payment on any utility for which service began before Feb. 15, 2020.
• Deferment of loan payments for at least six months.
• Delaying payment of employer payroll taxes, relaxing limitations on the firm’s use of losses from prior years and other tax relief to help dealers keep employees on payroll.
The House of Representatives is scheduled to vote on the bill tomorrow – Friday, March 27.
NIADA urges dealers to call the Capitol Hill switchboard today at (202) 224-3121 to and ask their U.S. Representative to vote YES on H.R. 748.
Representatives can also be reached at www.house.gov/representatives to send feedback or a direct email.