NEW
Senate Approves PPP Flexibility Act

Last night the U.S. Senate approved the Paycheck Protection Flexibility Act unanimously. The President is expected to sign the legislation, which would: 

• Reduce from 75% to 60% the percentage of forgivable expenses that must be allocated to payroll costs;
• Extend the covered period for forgiveness calculations from eight weeks to 24 weeks from the origination date of the loan;
• Expand the timeframe for making the determination for rehiring from June 30 to December 31, 2020;
• Provide partial forgiveness reduction relief in the event a borrower can document that it is unable, on or before December 31, 2020, to either 1) rehire or replace individuals who left its employ during the pandemic or 2) return to its pre-COVID level of business activity; and
• Repeal the provision of the CARES Act that barred PPP forgiveness recipients from deferring employer payroll taxes. 

Note: In May, NADA joined a broad coalition of 126 national trade groups in sending a letter to the Trump Administration asking for prompt action, including more flexibility for small businesses participating in the PPP.  

NEW
Treasury Delivered 159 Million Economic Impact Payments 

The Treasury and IRS announced that 159 million economic impact payments, worth more than $267 billion, have been distributed in the past two months. Payments have been sent to eligible Americans to help stimulate the economy and aid millions who are unemployed. 

UPDATE
NADA’s Dealership Lifeline Webinar Series Helps Dealers Tackle New Business Realities 

• The Best Ideas from NADA 20 Groups, Part 6: In Times of COVID-19 Pandemic (Friday, June 5, 1pm-2pm ET) Tim Gavin, NADA 20 Group consultant, will review some of the best new ideas from NADA 20 Groups during these unprecedented times.
• The Bridge to the Future of Automotive Retail (Wednesday, June 10, 1pm-2pm ET) Dealer Rick Ricart, an early pioneer in remote selling, and Joe St. John, head of digital retail at AutoFi, will break down how dealers can respond to the current market conditions to thrive with digital sales and financing.
• In today’s webinar, The Future of Dealer Technology: Leading Innovation in Automotive, Mike Trasatti, CEO of DealerBuilt, discussed how business leaders are developing short- and long-term technology strategies to deliver superior customer experiences, optimize spend on enterprise technology and drive alignment and continuity across their organizations.

Recorded Webinars in the Dealership Lifeline Series

Recordings of all webinars in NADA's Lifeline Series are available to NADA and ATD members 24/7, free of charge. The most recent webinars:

• The Future of Dealer Technology: Leading Innovation in Automotive
• Preparing Your Parts Department for After COVID-19
• Optimize Your Digital Showroom for a Frictionless Shopping Experience
• The Best Ideas from NADA 20 Groups, Part 5
• Top Google Analytic Reports Dealers Should Know and Understand