By SEMA Washington, D.C., Staff

The U.S. Senate and House of Representatives passed legislation to add $320 billion in additional funds to the Paycheck Protection Program (PPP) and $60 billion to the SBA’s Economic Injury Disaster Loan (EIDL) program. SEMA and more than 250 other organizations urged swift action by Congress to replenish program funding. The initial $349 billion funds for PPP and $10 billion for EIDL had proven insufficient in helping small businesses cope with COVID-19. President Trump is expected to quickly sign the bill into law thereby allowing PPP and EIDL applications to be processed. Due to strong demand, SEMA members should quickly apply for the loan program that is the best fit for your company. Click here for helpful tips on getting a loan.

The U.S. Small Business Administration (SBA) guarantees loans for small businesses through the PPP that equal up to 250% of a company’s monthly payroll (capped at $10 million), which can be used to cover payroll, mortgage, rent and other specified expenses. PPP loans offer favorable terms (1% interest rate, no collateral or personal guarantee requirements, no borrower or lender fees and no payments for six months). The SBA will forgive that portion of the loan used to cover payroll, mortgage interest, rent payments and the cost of utilities for the first eight weeks if small businesses retain their employees and payroll levels.

It is recommended that applicants work with a bank where they have an existing relationship when applying for PPP loans, as there are reports that many banks are not providing loans to businesses they haven’t worked with previously. Borrowers may find eligible lenders through the SBA’s webpage, which brings up local financial institutions offering PPP loans.  

The EIDL provides loans of up to $2 million at 3.75% and is funded directly through the SBA rather than the bank. The SBA reportedly limited initial loans under the EIDL program to $25,000 to $35,000 or less as a result of resource constraints, but the $60 billion in funds Congress authorized to be added to the program should translate into larger loans for small businesses. Loans may be used to retain employees, address interrupted supply chains, make rent or mortgage payments and pay other bills. The first $10,000 of the loan is a grant that does not need to be repaid. If a company later receives a PPP loan, the grant will be applied to amounts forgiven under the PPP loan.

For more information on PPP, EIDL, and other federal programs related to COVID-19, check out SEMA’s resources at www.sema.org/coronavirus.

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

The U.S. Senate and House of Representatives passed legislation to add $320 billion in additional funds to the Paycheck Protection Program (PPP) and $60 billion to the SBA’s Economic Injury Disaster Loan (EIDL) program. SEMA and more than 250 other organizations urged swift action by Congress to replenish program funding. The initial $349 billion funds for PPP and $10 billion for EIDL had proven insufficient in helping small businesses cope with COVID-19. President Trump is expected to quickly sign the bill into law thereby allowing PPP and EIDL applications to be processed. Due to strong demand, SEMA members should quickly apply for the loan program that is the best fit for your company. Click here for helpful tips on getting a loan.

The U.S. Small Business Administration (SBA) guarantees loans for small businesses through the PPP that equal up to 250% of a company’s monthly payroll (capped at $10 million), which can be used to cover payroll, mortgage, rent and other specified expenses. PPP loans offer favorable terms (1% interest rate, no collateral or personal guarantee requirements, no borrower or lender fees and no payments for six months). The SBA will forgive that portion of the loan used to cover payroll, mortgage interest, rent payments and the cost of utilities for the first eight weeks if small businesses retain their employees and payroll levels.

It is recommended that applicants work with a bank where they have an existing relationship when applying for PPP loans, as there are reports that many banks are not providing loans to businesses they haven’t worked with previously. Borrowers may find eligible lenders through the SBA’s webpage, which brings up local financial institutions offering PPP loans.  

The EIDL provides loans of up to $2 million at 3.75% and is funded directly through the SBA rather than the bank. The SBA reportedly limited initial loans under the EIDL program to $25,000 to $35,000 or less as a result of resource constraints, but the $60 billion in funds Congress authorized to be added to the program should translate into larger loans for small businesses. Loans may be used to retain employees, address interrupted supply chains, make rent or mortgage payments and pay other bills. The first $10,000 of the loan is a grant that does not need to be repaid. If a company later receives a PPP loan, the grant will be applied to amounts forgiven under the PPP loan.

For more information on PPP, EIDL, and other federal programs related to COVID-19, check out SEMA’s resources at www.sema.org/coronavirus.

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

The U.S. Senate and House of Representatives passed legislation to add $320 billion in additional funds to the Paycheck Protection Program (PPP) and $60 billion to the SBA’s Economic Injury Disaster Loan (EIDL) program. SEMA and more than 250 other organizations urged swift action by Congress to replenish program funding. The initial $349 billion funds for PPP and $10 billion for EIDL had proven insufficient in helping small businesses cope with COVID-19. President Trump is expected to quickly sign the bill into law thereby allowing PPP and EIDL applications to be processed. Due to strong demand, SEMA members should quickly apply for the loan program that is the best fit for your company. Click here for helpful tips on getting a loan.

The U.S. Small Business Administration (SBA) guarantees loans for small businesses through the PPP that equal up to 250% of a company’s monthly payroll (capped at $10 million), which can be used to cover payroll, mortgage, rent and other specified expenses. PPP loans offer favorable terms (1% interest rate, no collateral or personal guarantee requirements, no borrower or lender fees and no payments for six months). The SBA will forgive that portion of the loan used to cover payroll, mortgage interest, rent payments and the cost of utilities for the first eight weeks if small businesses retain their employees and payroll levels.

It is recommended that applicants work with a bank where they have an existing relationship when applying for PPP loans, as there are reports that many banks are not providing loans to businesses they haven’t worked with previously. Borrowers may find eligible lenders through the SBA’s webpage, which brings up local financial institutions offering PPP loans.  

The EIDL provides loans of up to $2 million at 3.75% and is funded directly through the SBA rather than the bank. The SBA reportedly limited initial loans under the EIDL program to $25,000 to $35,000 or less as a result of resource constraints, but the $60 billion in funds Congress authorized to be added to the program should translate into larger loans for small businesses. Loans may be used to retain employees, address interrupted supply chains, make rent or mortgage payments and pay other bills. The first $10,000 of the loan is a grant that does not need to be repaid. If a company later receives a PPP loan, the grant will be applied to amounts forgiven under the PPP loan.

For more information on PPP, EIDL, and other federal programs related to COVID-19, check out SEMA’s resources at www.sema.org/coronavirus.

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Editors

John Evankovich	Ted Wentz III

The following candidates are vying for a seat on the SEMA Board of Directors:

Distributors/Retailers (one open seat):

• John Evankovich – Director, Sam’s Club
• Ted Wentz III – CEO, Quadratec, Inc.

Voting will take place online between May 12–May 26, and is open to current SEMA-member companies. Votes must be cast by each company’s primary contact. Details on the upcoming election will be sent to the member company’s designated primary contact beginning April 30. Winners will be announced by May 29 and formally inducted into the SEMA Board of Directors at the SEMA Installation & Gala, July 24, 2020.

By SEMA Editors

John Evankovich	Ted Wentz III

The following candidates are vying for a seat on the SEMA Board of Directors:

Distributors/Retailers (one open seat):

• John Evankovich – Director, Sam’s Club
• Ted Wentz III – CEO, Quadratec, Inc.

Voting will take place online between May 12–May 26, and is open to current SEMA-member companies. Votes must be cast by each company’s primary contact. Details on the upcoming election will be sent to the member company’s designated primary contact beginning April 30. Winners will be announced by May 29 and formally inducted into the SEMA Board of Directors at the SEMA Installation & Gala, July 24, 2020.

By Fredy Ramirez

From the SEMA Hall of Fame:

Joseph “Corky” Coker delights in seeing people happy and he was born to be in the automotive specialty-equipment industry.

His father Harold opened the Coker Tire Company in 1958, and Coker remembers sweeping floors and cleaning wide whitewalls as his earliest jobs. But even though he was nicknamed after a character in the old “Gasoline Alley” comic strip, he was not enthralled about working at a tire company. In addition to the time spent at his father’s business, Coker grew up among livestock on the family farm. He liked the animals more than the rubber and planned to become a veterinarian until a too-carefree attitude at Middle Tennessee State University and the University of Tennessee at Chattanooga put an end to that plan. As he recalled it: “I made all Bs in college—banjos, beer and babes—so I was not quite the student it took to become a vet.”

Instead, he discovered that he actually enjoyed working at the tire store when he retuned there and split his time between the business and school in Chattanooga. When he ultimately went full-time, his father directed him to take on the small antique-tire niche, which was then less than 5% of the company.

“I suddenly realized that selling hot-rod and Model A tires to these guys made them very happy,” he said. “They smiled when they did business with me because they got to play with their toys. I really got my head into it and started developing some ideas and goals of my own.”

During the course of his involvement with the association, Coker helped establish the SEMA Political Action Committee, guided the group toward an investment strategy that improved SEMA’s financial resources to ensure future security and also encouraged the development of better relationships with auto dealers that led to the development of the ProPledge warranty program.

Though faith and charity are hallmarks of his character, Coker’s humanitarian and community involvements are less well-known. He is a recipient of the Silver Beaver award from the Boy Scouts of America, that organization’s highest volunteer honor, and he has continually been active in his local Chamber of Commerce. In addition, he was selected as Tennessee’s Person of the Year by the Small Business Administration in 1996. He has made charitable visits to the Caribbean Christian Center for the Deaf in Granville, Jamaica, and he serves on the board of directors for Chosen Children Ministries, a Christ-centered ministry to orphanages, with a focus on Nicaragua.

“Doing right means something,” he said. “I became a Christian in my early 20s, and the Lord has guided me. Having a grandmother who prayed for me every day has been part of the reason for my success. She passed away a few years ago, and somebody asked me, ‘What are you going to do now that your grandmother isn’t praying for you any more?’ I said, ‘That’s not the case. She’s whispering in His ear now.’”

Coker’s passion for his family and the industry is obvious, but he also holds an abiding love for his country.

“When we have the opportunity to be out in a convertible or a hot rod and see America, they always give us a thumbs-up and say that they love what we do,” he said. “Why wouldn’t I cherish that? It’s absolutely the best part of what I do.”

To learn more about the SEMA Hall of Fame, visit www.semahof.com.

This story was originally published on March 23, 2020. For more industry news, visit SEMANews.com and subscribe to SEMA News at the bottom of the webpage to get the latest updates straight to your inbox, twice a week.

By Fredy Ramirez

From the SEMA Hall of Fame:

Joseph “Corky” Coker delights in seeing people happy and he was born to be in the automotive specialty-equipment industry.

His father Harold opened the Coker Tire Company in 1958, and Coker remembers sweeping floors and cleaning wide whitewalls as his earliest jobs. But even though he was nicknamed after a character in the old “Gasoline Alley” comic strip, he was not enthralled about working at a tire company. In addition to the time spent at his father’s business, Coker grew up among livestock on the family farm. He liked the animals more than the rubber and planned to become a veterinarian until a too-carefree attitude at Middle Tennessee State University and the University of Tennessee at Chattanooga put an end to that plan. As he recalled it: “I made all Bs in college—banjos, beer and babes—so I was not quite the student it took to become a vet.”

Instead, he discovered that he actually enjoyed working at the tire store when he retuned there and split his time between the business and school in Chattanooga. When he ultimately went full-time, his father directed him to take on the small antique-tire niche, which was then less than 5% of the company.

“I suddenly realized that selling hot-rod and Model A tires to these guys made them very happy,” he said. “They smiled when they did business with me because they got to play with their toys. I really got my head into it and started developing some ideas and goals of my own.”

During the course of his involvement with the association, Coker helped establish the SEMA Political Action Committee, guided the group toward an investment strategy that improved SEMA’s financial resources to ensure future security and also encouraged the development of better relationships with auto dealers that led to the development of the ProPledge warranty program.

Though faith and charity are hallmarks of his character, Coker’s humanitarian and community involvements are less well-known. He is a recipient of the Silver Beaver award from the Boy Scouts of America, that organization’s highest volunteer honor, and he has continually been active in his local Chamber of Commerce. In addition, he was selected as Tennessee’s Person of the Year by the Small Business Administration in 1996. He has made charitable visits to the Caribbean Christian Center for the Deaf in Granville, Jamaica, and he serves on the board of directors for Chosen Children Ministries, a Christ-centered ministry to orphanages, with a focus on Nicaragua.

“Doing right means something,” he said. “I became a Christian in my early 20s, and the Lord has guided me. Having a grandmother who prayed for me every day has been part of the reason for my success. She passed away a few years ago, and somebody asked me, ‘What are you going to do now that your grandmother isn’t praying for you any more?’ I said, ‘That’s not the case. She’s whispering in His ear now.’”

Coker’s passion for his family and the industry is obvious, but he also holds an abiding love for his country.

“When we have the opportunity to be out in a convertible or a hot rod and see America, they always give us a thumbs-up and say that they love what we do,” he said. “Why wouldn’t I cherish that? It’s absolutely the best part of what I do.”

To learn more about the SEMA Hall of Fame, visit www.semahof.com.

This story was originally published on March 23, 2020. For more industry news, visit SEMANews.com and subscribe to SEMA News at the bottom of the webpage to get the latest updates straight to your inbox, twice a week.

By SEMA Editors

Reid Lunde, owner and founder of Kaizen Speed, was the 2019 SEMA Launch Pad winner.

The SEMA Young Executives Network (YEN) is still accepting applications for the 2020 SEMA Launch Pad Program, a competition for young entrepreneurs who would like to launch their products into the $44.6 billion dollar aftermarket industry. The deadline to submit is May 3.

Now in its seventh year, the program provides emerging business leaders the opportunity to pitch their business ideas to a panel of iconic industry judges and compete for a prize that includes $10,000 to be used for the benefit of their business, and exhibit space at the annual SEMA Show.  

“Our goal is to encourage and support young entrepreneurs in the automotive industry,” said Nathan Ridnouer, SEMA vice president of councils and membership. “We hope to identify emerging leaders who have amazing new ideas and products. We want to provide these young businesses with the support and resources to help them succeed.”  

Fifteen applicants will be selected to receive a one-year SEMA membership, as well as one professional Launch Pad video to be hosted on the SEMA YouTube Channel. The 15 Launch Pad participants will learn new business strategies and film a short video that will be used for an online voting competition.

The public will be able to view the 15 videos online and cast their votes for the businesses they would like to advance to the next round. From there, 10 finalists will receive a complimentary kiosk booth at the 2020 SEMA Show, with the Top 5 vote-getters earning a chance to pitch their products during the SEMA Launch Pad Live event, November 2, at the SEMA Show.  

"SEMA Launch Pad competitors represent the most innovative and passionate emerging industry-leaders and entrepreneurs,” said Ridnouer. “As such, the public will be able to play a key role in the voting process and help determine what product or service consumers will find valuable.”    

Applicants do not need to be members of SEMA or YEN to participate but must hold stake within the company. Students who meet the qualifications are invited to apply as well.  

To apply or for more information, visit www.sema.org/launchpad before May 3.  

By SEMA Editors

Reid Lunde, owner and founder of Kaizen Speed, was the 2019 SEMA Launch Pad winner.

The SEMA Young Executives Network (YEN) is still accepting applications for the 2020 SEMA Launch Pad Program, a competition for young entrepreneurs who would like to launch their products into the $44.6 billion dollar aftermarket industry. The deadline to submit is May 3.

Now in its seventh year, the program provides emerging business leaders the opportunity to pitch their business ideas to a panel of iconic industry judges and compete for a prize that includes $10,000 to be used for the benefit of their business, and exhibit space at the annual SEMA Show.  

“Our goal is to encourage and support young entrepreneurs in the automotive industry,” said Nathan Ridnouer, SEMA vice president of councils and membership. “We hope to identify emerging leaders who have amazing new ideas and products. We want to provide these young businesses with the support and resources to help them succeed.”  

Fifteen applicants will be selected to receive a one-year SEMA membership, as well as one professional Launch Pad video to be hosted on the SEMA YouTube Channel. The 15 Launch Pad participants will learn new business strategies and film a short video that will be used for an online voting competition.

The public will be able to view the 15 videos online and cast their votes for the businesses they would like to advance to the next round. From there, 10 finalists will receive a complimentary kiosk booth at the 2020 SEMA Show, with the Top 5 vote-getters earning a chance to pitch their products during the SEMA Launch Pad Live event, November 2, at the SEMA Show.  

"SEMA Launch Pad competitors represent the most innovative and passionate emerging industry-leaders and entrepreneurs,” said Ridnouer. “As such, the public will be able to play a key role in the voting process and help determine what product or service consumers will find valuable.”    

Applicants do not need to be members of SEMA or YEN to participate but must hold stake within the company. Students who meet the qualifications are invited to apply as well.  

To apply or for more information, visit www.sema.org/launchpad before May 3.