Senate Passes Bill Providing Another $480+ Billion In Aid to Small Businesses & Hospitals
Following more than a week of negotiation, Congressional leaders and the White House came to agreement on an aid package valued at more than $480 billion and the Senate quickly passed it late yesterday. The legislation will provide more than $480 billion to small businesses and hospitals for pandemic relief, including an additional $310 billion for the very popular Paycheck Protection Program. The Economic Injury Disaster Loan program will receive $60 billion, with the remaining $100 billion earmarked for hospitals and expanded testing for the virus across the country.
The House of Representatives is expected to vote on the legislation tomorrow. We will keep you informed of any developments.
NADA Provides Guidance On Critical Resources Dealers Need
NADA has provided updated guidance on the federal Paycheck Protection Program (PPP) and dealership health and safety concerns.
NADA’s PPP Loans: Use of Proceeds and Forgiveness provides valuable insights on the forgiveness elements of the PPP loan program, as well as guidance for dealers on how they can use the loan proceeds; where they can apply them; and to what extent the loan can be forgiven. Note- this document contains preliminary information and does not reflect the additional guidance expected to come from the Small Business Administration.
Download NADA’s guide Dealership Health and Safety Concerns During A Pandemic, which outlines steps dealerships can take to provide a safe environment for their employees and what steps to take if an employee tests positive for COVID-19.
NADA Updates FAQs on Federal Emergency Leave Mandates
Dealers are encouraged to review NADA’s updated FAQs on the federal emergency paid leave mandates under the Families First Coronavirus Response Act (FFCRA). These updates reflect DOL’s recently updated guidance on how to compute hours and regular rate of pay and clarifications for emergency sick leave under FFCRA.