Over the weekend President Trump signed a bill to reopen the $660 billion Paycheck Protection Program (PPP). This law will keep the PPP open to all small business applications until August 8. There is approximately $130 billion available for potential PPP loans.

Note: The PPP, created by Congress as part of the CARES Act, has proved critical to dealership employees. Many dealers who received a PPP loan have used it to keep employees on the payroll or bring back furloughed or terminated employees, even though economic conditions would have otherwise forced those dealers to make drastic and permanent workforce reductions. Many dealers will end up devoting 100% of their PPP loans to payroll expenses.