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.
Small Business Administration Resources
Federal Reserve Resources
Auto Care Association Signs Coalition Letter on Liability Relief Legislation in Response to the Pandemic
Auto Care Association and AASA Urge President Trump to Push Efforts to Protect Auto Industry During COVID-19 Pandemic
Federal Government Issues Guidance to Define Vehicle Service and Repair as Essential Service
Auto Care Calls on Government to Deem Vehicle Repair, Supply Entities ‘Essential’ Amid Coronavirus Restrictions
Coronavirus Aftermarket Business Resources