Important Resources for Small Businesses
Dear WANADA Members,
Over the weekend, the Small Business Association issued an
interim final rule
related to the
Paycheck Protection Program
's loan applications. The interim rule, and the
of that rule, reinforce that nearly any small business with under 500 employees is eligible to apply for a PPP forgivable loan under the
published late last week that covers the full parameters of the program.
In addition, the interim final rule codifies what we have reported previously: that dealers with multiple locations and more than 500 employees across their full business are
also eligible for PPP loans, provided that they have an appropriate franchise identifier code with the SBA.
As we also mentioned last week, NADA has produced a great
CARES Act Frequently Asked Questions guide
, which helpfully outlines what steps PPP loan applicants need to take in order to have the low-interest loans converted into grants. One of the most notable components is that, based on the
Treasury Department's interim guidance
, 75 percent of any forgivable loan amount must be used exclusively on payroll costs.
Local Government Relief for Impacted Businesses
Montgomery County and Prince George's County have created their own relief funds for local businesses that have been harmed by the COVID-19 crisis. The
Prince George's County Business Relief Fund
will be accepting applicants starting on April 13; qualified for-profit businesses based in the county will be eligible for up to $100,000 in low-interest loans (and $10,000 in grants) to help cover short-term payroll costs, rent, and other operating expenses.
Please let me or Joe Koch (
) know if you have any questions about the resources mentioned in this letter. And please continue referring to
WANADA's COVID-19 Information Library
for a full list of resources important to dealers and suppliers during this time.