Dealers: Call Your Senators and Have Them Support the CARES Act
Dear WANADA Members,
Congress is currently negotiating the so-called "phase 3" component of federal government support for economic relief during the COVID-19 crisis. The bill working its way through the U.S. Senate is
, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
We appreciate the hard work our partners at NADA have been doing in lobbying the Senate to incorporate significant relief for small- and medium-sized businesses, which are particularly exposed in an economic decline and public health emergency like this.
Senate Majority Leader Mitch McConnell announced last night that the first preliminary vote on the bill could be as early as 3 p.m. today. We are fighting for the following proposals to stay in the final bill:
- Provide nearly $300 billion in small business interruption loans for paid sick or medical leave, employee salaries, mortgage payments, and any other debt obligations;
- Provide a process for small business borrowers to obtain loan forgiveness equal to the payroll cost and costs related to debt obligations from March 1 through June 30, 2020;
- Increase eligible small businesses to include businesses with 500 or less employees; and
- Help continue operations for businesses by delaying payment of employer payroll taxes; relaxing limitations on firm's use of losses from prior years, and other tax relief to help dealers keep employees on payroll.
Below you will find contact information for the region's U.S. Senators; please contact their offices and assure them how important it is for these provisions to stay in the final legislation.
Please contact me or Joe Koch (
) if you have any questions.
WANADA President and CEO