If you’re running a dealership, it is normal to feel a little worried about what the COVID-19 pandemic might mean for your business and your employees. The good news is there are a number of financial resources at your disposal that you can take advantage of starting now. Below is a list of programs available to you.
Paycheck Protection Program
The Paycheck Protection Program is an SBA loan that helps small businesses keep their workforce employed during the coronavirus crisis. It provides loans of up to $10 million to small businesses (500 employees or less) who keep employees on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the loan money is used for payroll, rent, mortgage interest, or utilities. Learn more by visiting SBA’s website.
COVID-19 Economic Injury Disaster Loans
The COVID-19 Economic Injury Disaster Loan program provides small businesses with loan advances of $10,000 to help relieve existing or potential revenue loss due to the health crisis. Learn more about applying for the disaster loan here.
SBA Express Bridge Loans
The Express Bridge Loan Pilot Program allows small businesses who currently have an existing relationship with an SBA Express lender to access up to $25,000 quickly. These loans can be used to cover any urgent costs while applying for a direct SBA Economic Injury Disaster Loan (see above). Learn more about applying for express bridge loans.
SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during this time. Learn more about the SBA debt relief efforts.
Federal income tax filing and payment extension
The deadline for filing federal income taxes has been extended to July 15, 2020. This relief is automatic and applies to all individual returns, trusts, and corporations. Learn more about the extension here.
More small business loan programs
Many states and counties also have new small business support laws and loan programs in place. You can learn more about local small business support near you on SBA.gov. You can all find a comprehensive list of small business financial assistance programs by state here.