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NIADA Applauds Government’s Swift Action

Passage and signing of CARES Act provides emergency relief to independent auto dealers.

March 27, 2020
NIADA Applauds Government’s Swift Action

Passage and signing of CARES Act provides emergency relief to independent auto dealers.

2 min to read


Arlington, Texas  – The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by the House of Representatives today and was signed into law by President Trump soon after.

The aid included in this legislation will make a huge difference to independent dealers as we attempt to weather this storm.

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The new law will bring emergency relief to millions of Americans, including vital support for independent vehicle dealers and other small businesses to help them survive through the COVID-19 pandemic.

The National Independent Automobile Dealers Association praised Congress and the President for their swift action in enacting this law. “Government tends to move slowly,” NIADA CEO Steve Jordan said, “so we congratulate members of Congress and President Trump for reacting quickly in this time of crisis. The aid included in this legislation will make a huge difference to independent dealers as we attempt to weather this storm.”

The bill contains several provisions that will provide NIADA member dealers and other small businesses with necessary cash flow and other aid during the coronavirus crisis. 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.

Originally posted on Auto Dealer Today

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