Through the CARES Act, the Treasury Department has made nearly $1 trillion available for small- and medium-sized employers, via programs including the Employee Retention Tax Credit, the Economic Injury Disaster Loan advance program, and the much talked-about Paycheck Protection Program. With this unprecedented amount of relief going out the door in such a quick time, federal regulators have had to write the rules on the fly, leaving business owners with many questions about how to maximize the amount of loan forgiveness they can receive from these programs.
With that in mind, WANADA is partnering with the advisors at Councilor, Buchanan & Mitchell, P.C. on a special webinar for area dealers and suppliers, focused on making sense of the CARES Act, namely the PPP and its loan-forgiveness provisions. The webinar will be held at 10 a.m. on Thursday, May 14, and will be moderated by CBM advisors John Comunale, Richard Morris, and Thomas Hudson, who combined have more than six decades of experience dealing with business tax issues in the Washington area.
We at WANADA have long relied on their expertise and guidance for a host of dealership finance-related matters, and we greatly appreciate them sharing their wisdom with our dealers during this very important time.
The National Automobile Dealers Association has also produced several very helpful guides addressing the federal resources available to small businesses. Among them are a top-line review of all the national programs authorized by the CARES Act and the supplemental funding bill, plus additional resources for medium-sized businesses, including the Federal Reserve’s Main Street Lending Program.
NADA has also produced a robust FAQ page on the CARES Act, a supplemental guide to the PPP’s employee limits for dealers, and detailed guidance on the ways that small businesses can maximize their loan forgiveness amount under the program. These resources, and many more, can be found on WANADA’s COVID-19 Information Library, which is being updated regularly with the latest guidance from our association partners, government agencies at all levels, and much more.Download Bulletin PDF