Voting may begin Sunday, March 22, 2020
NADA priorities to help auto and truck dealers improve liquidity and cash flow are included in the Senate Republican bill, S. 3548, the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.”
NADA has been working to include these important small business provisions in the CARES Act bill and needs your help to ensure these provisions stay in the final bill.
Please urge your Senators to support the provisions below to restore small business liquidity and keep dealership employees on the payroll. These provisions would:
- 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.
Please focus first on your Democratic Senators to help build bipartisan support for these small business provisions, which if enacted,would provide relief to help small business dealers cover expenses and make payroll during this unprecedented time.
NOTE: This alert relates to legislation pending in the Senate and needs your action now. In related news, yesterday the U.S. Treasury Department issued an announcement regarding temporary paid sick leave and new Family and Medical Leave Act provisions that were enacted last week. Later today, NADA will send all dealers guidance about the new paid leave law and the tax reimbursements that will cover the costs of employee leave. Please watch for that guidance.