Economic Relief for Dealers Under the CARES Act

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This webinar will educate dealers on how to take advantage of provisions in the CARES Act to help bridge the financial gap caused by loss of revenue, loss of productivity due to layoffs, increased costs, and paid leave requirements caused by the COVID-19 pandemic.

Presenter, Russell P. McRory, Esq., of the Arent Fox Automotive Management team, will explain the programs established by the CARES Act to help dealers; the Small Business Administration programs available; how to apply for and navigate these new lending programs, including the eligibility and purposes for these loans.

Topics that will be discussed:

  • The Paycheck Protection Program (PPP)

  • The eligibility period during which loans will be issued

  • Eligibility to participate in the program

  • The size, interest rate and maturity limits of the loans

  • What the loan proceeds can be used for

  • Loan forgiveness and payment deferrals

  • Collateral and related matters

  • How to obtain a PPP Loan

In addition to the PPP, Russ will address the following business support programs:

  • EID loans

  • Employee retention tax credit under CARES

  • Payroll tax deferrals under CARES

  • Unemployment insurance benefits expansion under CARES

  • NYC small business continuity loan program