Video & Story: U.S. House passes Fifth Coronavirus Stimulus Package (HEROES Act)
Included in the bill are key provisions to strengthen the Economic Injury Disaster Loan (EIDL) Program and the Paycheck Protection Program (PPP).
- Adds flexibility in the covered period for borrowers by extending the eight-week period to 24 weeks and extends the covered period from June 30 to Dec. 31.
- Establishes a minimum maturity on PPP loans of five years.
- Harmonizes the use of proceeds with forgiveness.
- Creates a safe harbor for borrowers who cannot rehire in the prescribed time frame.
- Ensures the principal and interest loan assistance is not treated as taxable income to small business borrowers.
ASA has been working to ensure that small independent automotive repair facilities are considered as “essential services” by federal, state and local governments and are not overlooked during the economic stimulus responses to this global health crisis.
The U.S. Senate has not yet scheduled consideration of the Fifth Stimulus legislation.
ASA advances professionalism and excellence in the automotive repair industry through education, representation and member services. To take advantage of the many benefits of membership in ASA, please visit ASAshop.org or call (817) 514-2901. Access our new mobile app by downloading on iPhone and Android devices.