The U.S. Senate is currently negotiating the next federal coronavirus relief legislation – S. 3548, the Coronavirus Aid, Relief and Economic Security (CARES) Act. Voting could begin in the next 24 hours.
NIADA has been engaged in supporting several provisions of the bill that will help the association’s member dealers and other small businesses with necessary cash flow and other aid during the COVID-19 pandemic.
Those provisions include:
- $300 billion in small business interruption loans for paid sick or medical leave, employee salaries, mortgage or rent payments, utilities and any other debt obligations.
- An opportunity for small business borrowers to obtain loan forgiveness equal to their payroll cost and costs related to debt obligations from March 1 through June 30, 2020.
- Delaying payment of employer payroll taxes, relaxing limitations on a firm’s use of losses from prior years, and other tax relief to help dealers keep employees on the payroll.
NIADA urges dealers to call the Capitol Hill switchboard today at 202-224-3121 to express their strong support of the small business provisions in the CARES Act and tell their U.S. Senators to vote for the passage of S. 3548.
Senators can also be reached at www.senate.gov/senators/contact to send feedback or a direct email.
The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of more than 38,000 licensed used car dealers. Since 1946, NIADA has represented the voice and interests of used car dealers at the federal level in Washington D.C. Coupled with its state association network across the country, NIADA’s grass-roots framework provides a dual layer of advocacy unmatched in the used motor vehicle industry.
For more than 70 years, NIADA has engineered programs and leveraged technology to fulfill its mission to advance, educate and promote the independent used car dealer. NIADA members subscribe to a strict Code of Ethics of duty, honor and integrity, and believe in the advancement of small business in support of the free-market system. More information about NIADA programs and educational opportunities is available at www.niada.com