APRIL 1 -- On March 27, President Trump signed into law the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. Known as Phase 3, the bill is beneficial for dealerships of all sizes and includes generous provisions to help provide
liquidity for dealerships and keep employees on the payroll.
NADA advocated for provisions included in the law, such as new federal funding to cover operational and payroll expenses for small businesses through June 30, deferring payroll tax payments for employers and other important tax relief. NADA urges all
dealers to closely review its updated analysis for dealers, which provides a preliminary summary of provisions relevant to dealers. In addition
to those provisions, an additional $600 has been added to unemployment benefits per week for four months on top of what your state pays. Also
note, the bill extended the tax filing date to July 15, 2020; the Treasury
Department has delayed both the filing and payment of all income taxes until
July 15. The Treasury guidance can
be found here.