Report: CARES ACT funding for the automotive service industry during COVID-19

By Estefania Guzman Figueroa / Money.com

Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which included the Paycheck Protection Program (PPP) for small businesses. Since Jan. 11, 2021, the US Treasury opened the Paycheck Protection Program (PPP) loan portal to continue providing a direct incentive for small businesses to keep their workers on the payroll.

Like so many other businesses, auto dealers sought and received loans from the Small Business Administration’s Paycheck Protection Program (PPP). This means they qualify for these financial reliefs and assets to help their businesses.

Based on the new guidelines, loan payments will be deferred for borrowers who apply for loan forgiveness until the Small Business Administration remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either eight weeks or 24 weeks).

Small business loans are used to cover payroll, new equipment, or almost anything that can enable a business to grow. Money.com selected the best small business loans of 2021 that offer competitive rates, reasonable terms, and fees for qualifying borrowers.

Estefania Guzman is part of the outreach community team at Money.com. She has previously worked with Puerto Rico’s local businesses with their marketing and operations endeavors.