WHAT THE ISSUE IS
In response to the Covid-19 pandemic and resulting business losses and shut-downs, the federal government has created several emergency funding mechanisms (loans and grants) that are available to businesses of all sizes. The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) are supported by the Small Business Administration (SBA) and available through local banks. Additionally, the Federal Reserve has created the Main Street Lending Program as an alternate source of funding that is also available to businesses that have up to 15,000 employees.
Additionally, Congress is exploring providing liability protection for businesses like ours that have remained open during the pandemic.
The majority of auto care businesses were impacted by the COVID-19 pandemic and although our industry was declared “essential” and continued to operate, revenue streams were impacted and many businesses need cash liquidity in order to survive. Congress should continue to consult with the auto care industry to determine what funding mechanisms are needed as the pandemic continues.
HOW THIS IMPACTS YOU
The proper loan or grant made through a local bank may assist you in your ability to keep employees on your payroll and your business operating through the pandemic. The terms and conditions for these programs have been updated multiple times and so we encourage you to regularly consult the Auto Care Association website to learn about any program revisions.
Visit our Government Affairs site to learn more.