The auto industry is full of small businesses, often family owned and run, many of which are being hugely effected by the current COVID-19 restrictions. However, there is some temporary relief in site from the recently passed Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The new program, titled the Paycheck Protection Program, makes available low-interest loans to to certain small businesses with fewer than 500 employees. It will enable these businesses to continue their operations and retain their employees. These loans are made through qualifying banks and credit unions and are fully forgivable if certain specific conditions are met.
To learn more about these loans and the Paycheck Protection Program, please visit the pages listed below to find guidance from the U.S. Small Business Administration and the Department of Treasury.
Paycheck Protection Program Overview: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp#section-header-5
Paycheck Protection Program Fact Sheet: https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf
Frequently Asked Questions: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf