COVID-19 – General Update

By John Policastro | April 3, 2020

April 3, 2020 

Mecklenburg County Issues New Guidance on Local Stay at Home Order

In response to a proposal from NCADA and the Greater Charlotte Automobile Dealers Association, Mecklenburg County recently updated its Coronavirus COVID-19 website materials to include a new document - Information for Auto Dealers - permitting motor vehicle sales under the County's local stay at home order, under certain conditions. The original order was being interpreted to prohibit most vehicle sales operations.

NCADA has stressed to the various local governments who have implemented local orders inconsistent with Governor Cooper's statewide "Stay at Home" order (that declared auto sales and service to be Essential Businesses and Operations), that maintaining the availability of a constant supply of motor vehicles is absolutely essential to enable healthcare organizations and individuals employed by other "essential businesses" to operate.  Reliable transportation during the current crisis is nothing less than essential.

SBA Issues Interim Final Rule On PPP

Last night, the U.S. Small Business Administration issued an Interim Final Rule providing guidance on key provisions and the operation of the Paycheck Protection Program under the federal Coronavirus Aid, Relief and Economic Security (CARES) Act.  The Interim Final Rule becomes effective immediately.  The IFR offers guidance on and outlines the key provisions of the PPP.

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.