CARES Act Summary
The offices of Kurkin, Brandes and Forehand have put together a summary of the CARES Act.
One of the primary purposes is to prevent massive layoffs. The government will make small business payrolls for 8 weeks. You can read our summary of the Act here: KFB CARES Act Summary
The Act provides financial support for American citizens and businesses. If you own a dealership that employs less than 500 people you should be eligible for a Paycheck Protection Program loan.
This loan is equal to 2.5 times your monthly payroll (up to $10 million). Most importantly, an amount equal to your first 8 weeks of payroll expenses after receipt of the loan will be forgiven (MEANING YOU DO NOT HAVE TO PAY IT BACK).
Unlike other SBA loans, Paycheck Protection Program loans are processed by your bank
. CONTACT YOUR BANKER IMMEDIATELY
about applying for this important federal benefit. More information available HERE.