Important Announcement: COVID-19 Financial Resources
To our valued XPEL installer and dealer network,
We at XPEL are tracking and evaluating local and national financial stimulus packages that are emerging worldwide. It is important for all small businesses to stay current with recent and forthcoming announcements which can provide significant financial assistance to businesses that meet certain criteria.
For our US installer and dealer network, the following provides summary details of the CARES Act, which was signed into law by President Trump on March 27, 2020.
The CARES Act is a financial stimulus package which is allocating $377 Billion to help Small Businesses such as yours. It comprises of 3 small-business programs that offer forgivable grants and loans, as well as certain loan deferrals. Please consider any and all resources provided by the US government that will provide assistance to your business. Your participation in such programs could make a huge difference for your business.
Here are the three programs:
- Paycheck Protection Program (PPP), which enables small businesses to obtain up to $10 million in loans that are 100 percent forgivable provided the small business does not lay off any employees or rehire employees they’ve already laid off.
- Economic Injury Disaster Loan Program (EIDL), which includes a $10,000 grant that small businesses can apply for and which they do not need to pay back. The rest of the EIDL loan, which caps out at $2 million, is not forgivable but can be more flexible than PPP in the types of expenses it covers.
- Small Business Debt Relief Program, which will cover all loan payments on SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.
The following are two excellent resources to learn more about each program and the required steps to participate in the CARES Act.
- Small Business Administration: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
- Here you will find information on all COVID-19 related programs that SBA is providing (as referenced above), including the Paycheck Protection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief.
- Here you will find information on the Paycheck Protection Program, as well as other tax provisions meant to help employers
Here are some additional resources:
- US Chamber of Commerce: https://www.uschamberfoundation.org/article/additional-resources-small-business
- GreenbergTraurig Summary: https://www.gtlaw.com/en/insights/2020/3/congress-passes-cares-act-overview-of-the-relief-available-to-small-business-concerns
Please be sure to consult with your financial advisor, accountant and/or banking institution for additional guidance.