Arlington, Texas – The U.S. Senate is currently negotiating the next federal coronavirus relief legislation – S. 3548, the Coronavirus Aid, Relief and Economic Security (CARES) Act. Voting could begin in the next 24 hours.
NIADA has been engaged in supporting several provisions of the bill that will help the association's member dealers and other small businesses with necessary cash flow and other aid during the COVID-19 pandemic.
Those provisions include:
- $300 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 their payroll cost and costs related to debt obligations from March 1 through June 30, 2020.
- Delaying payment of employer payroll taxes, relaxing limitations on a firm’s use of losses from prior years, and other tax relief to help dealers keep employees on the payroll.
NIADA urges dealers to call the Capitol Hill switchboard today at 202-224-3121 to express their strong support of the small business provisions in the CARES Act and tell their U.S. Senators to vote for the passage of S. 3548.
Senators can also be reached at www.senate.gov/senators/contact to send feedback or a direct email.
Originally posted on Auto Dealer Today