April 3, 2020
First Day of the PPP
The Paycheck Protection Program of the CARES Act began accepting applications today for PPP loans. Information on the program is available from the U.S. Small Business Administration - Paycheck Protection Program website. Important - The above noted Interim Final Rule has confirmed that PPP loans will be made first-come, first-served, with funds available until they are exhausted. Dealers interested in PPP funding should contact their lenders as soon as possible to secure funding before the appropriated money has been exhausted.
Additional Guidance On Governor’s Stay At Home Order
Additional guidance regarding Essential Government Operations under Governor Cooper's Executive Order 121 (Statewide Stay at Home Order) was released today and can be found here.
NADA Publishes New FAQs on CARES Act
NADA has published a new FAQ document - The CARES Act and Dealerships - Frequently Asked Questions, providing an overview of the CARES Act's impact on dealerships and important information regarding federal loans programs, tax credits and provisions, and enhanced unemployment benefits.