Dealer Alert: COVID-19 Action Plan
Amid the COVID-19 pandemic, dealers large and small are faced with tough decisions and an overwhelming volume of information to interpret and prioritize in order to survive. Laws are adopted rapidly and information changes daily.
Over the past few weeks, three separate packages were approved by Congress and signed by President Trump to offer a variety of assistance to businesses and employees. Here is a breakdown:
- Phase I, (COVID-1) – known as the Coronavirus Preparedness and Response Supplemental Appropriations Act, was enacted on March 6 and provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak, enabling the U.S. Small Business Administration to offer $7 billion in disaster assistance loans to small businesses impacted by COVID-19.
- Phase II, (COVID-2) the Families First Coronavirus Response Act (FFCRA or Act) was signed into law on March 18 and contains eight divisions designed to aid covered employees and households with eligible children affected by COVID-19.
- Phase III, (COVID-3) the CARES Act, was signed into law March 27, 2020 and represents the largest stimulus bill in the history of the U.S. at $2.2 trillion. The CARES Act has several components aimed at helping small businesses survive and recover from losses suffered during the coronavirus outbreak. Key components of the CARES Act include a loan program from the SBA, changes to unemployment benefits and implemented favorable business tax provisions.
Whether you need guidance on what to do first, help understanding the changes and how they impact you, Boyer & Ritter created a Dealer Action Plan overview to assist. Our guidance includes an important recommended action plan for dealers and highlights the key components to understand now.