Accessing CARES Act Stimulus Dollars for Dealerships-Accessing CARES Act Stimulus Dollars for Dealerships

Video Transcription

Video Summary

Barbara from SCL Equipment Finance discusses the different relief programs available for small businesses. She first mentions the SBA Disaster Relief Loan, which is a loan between $10,000 and $2 million for companies with less than 500 employees. The loan is amortized over 30 years and has no payment for 12 months. She also discusses the Debt Relief Loan. Barbara highlights that equipment sellers do qualify for these programs. She then moves on to the Paycheck Protection Program (PPP) which was introduced in the CARE Act. The program provides loans to cover payroll costs, and 75% of the loan must be used for payroll and 25% for rent and utilities. Barbara advises opening a separate checking account to keep track of these funds. She mentions that banks may be hesitant to accept applications from non-customers and suggests looking for a community bank to establish a new relationship. Barbara stresses the importance of applying for these programs and recommends exploring additional sources of financing within the company. She also advises businesses to be cautious of fraud and to be careful with emails and websites. Barbara ends by discussing the business outlook and the need for automation and technology to increase speed and efficiency. She also recommends contacting equipment sellers to discuss pre-approval for financing. Barbara emphasizes the need to stay conservative and manage cash flow during the recovery process.

Keywords

SBA Disaster Relief Loan

Debt Relief Loan

small businesses

Paycheck Protection Program

CARE Act

community bank

financing