By SEMA Washington, D.C., Staff

Join SEMA for a webinar, Thursday, April 9, at 1:00 p.m. (EDT), to review financial assistance programs available through the U.S. Small Business Administration (SBA). The panel will include Daniel Ingber, SEMA’s Vice President of Government & Legal Affairs, and C.E. “Tee” Rowe, President and CEO of America’s Small Business Development Centers.

Register now!

The webinar is open to all SEMA members, free of charge. After registering, you will receive a confirmation e-mail with instructions for joining.

Background: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a $2.2 trillion financial relief package for individuals, companies, and distressed industries. The new law (enacted on March 27, 2020) expands small business loan programs including a new Paycheck Protection Program (PPP) to provide low-interest loans that can be used to cover payroll, mortgages, rent and other specified expenses. The PPP waives collateral and personal guarantee requirements in addition to borrower and lender fees, defers payments for six months, and caps the interest rate at 1.0% on the two-year loan.  The SBA will forgive the portion of the loans used to cover payroll, mortgage interest, rent payments, and the cost of utilities for a period of eight weeks if small businesses retain their employees and payroll levels. The CARES Act also expands a separate Coronavirus disaster program, which provides low-interest loans (3.75% for small businesses and 2.75% for non-profits) up to $2 million and with $10,000 advance grants that may not have to be repaid.

Tee Rowe from America’s Small Business Development Centers will walk-through the small business assistance programs in the CARES Act and discuss how to apply for SBA loan programs. SEMA members will have a chance to ask Ingber and Rowe questions at the end of the webinar.

Immediate questions? Contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

Join SEMA for a webinar, Thursday, April 9, at 1:00 p.m. (EDT), to review financial assistance programs available through the U.S. Small Business Administration (SBA). The panel will include Daniel Ingber, SEMA’s Vice President of Government & Legal Affairs, and C.E. “Tee” Rowe, President and CEO of America’s Small Business Development Centers.

Register now!

The webinar is open to all SEMA members, free of charge. After registering, you will receive a confirmation e-mail with instructions for joining.

Background: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a $2.2 trillion financial relief package for individuals, companies, and distressed industries. The new law (enacted on March 27, 2020) expands small business loan programs including a new Paycheck Protection Program (PPP) to provide low-interest loans that can be used to cover payroll, mortgages, rent and other specified expenses. The PPP waives collateral and personal guarantee requirements in addition to borrower and lender fees, defers payments for six months, and caps the interest rate at 1.0% on the two-year loan.  The SBA will forgive the portion of the loans used to cover payroll, mortgage interest, rent payments, and the cost of utilities for a period of eight weeks if small businesses retain their employees and payroll levels. The CARES Act also expands a separate Coronavirus disaster program, which provides low-interest loans (3.75% for small businesses and 2.75% for non-profits) up to $2 million and with $10,000 advance grants that may not have to be repaid.

Tee Rowe from America’s Small Business Development Centers will walk-through the small business assistance programs in the CARES Act and discuss how to apply for SBA loan programs. SEMA members will have a chance to ask Ingber and Rowe questions at the end of the webinar.

Immediate questions? Contact Eric Snyder at erics@sema.org.

By SEMA Editors

PRI management has put in place changes to help lower the level of uncertainty for exhibitors and attendees.

As the situation surrounding the COVID-19 (coronavirus) pandemic continues to evolve, PRI remains committed to hosting a successful PRI Trade Show, scheduled for December 10–12, 2020. As planning continues, PRI management has put in place changes to help lower the level of uncertainty for exhibitors and attendees.

While the priority exhibitor application deadline of May 8, 2020, remains in effect for the initial floor plotting, PRI has extended the deadline to receive a full refund to September 1, 2020. Exhibitors can reserve space with confidence, knowing that PRI will continue to monitor developments and make updates as necessary.

All PRI staff and account representatives are working full-time, and are available to answer questions and provide information as it becomes available. Those with questions should reach out to their account reps, or contact 949-499-5413 or mail@performanceracing.com.

Secure a booth now for the 2020 PRI Trade Show.

By SEMA Editors

PRI management has put in place changes to help lower the level of uncertainty for exhibitors and attendees.

As the situation surrounding the COVID-19 (coronavirus) pandemic continues to evolve, PRI remains committed to hosting a successful PRI Trade Show, scheduled for December 10–12, 2020. As planning continues, PRI management has put in place changes to help lower the level of uncertainty for exhibitors and attendees.

While the priority exhibitor application deadline of May 8, 2020, remains in effect for the initial floor plotting, PRI has extended the deadline to receive a full refund to September 1, 2020. Exhibitors can reserve space with confidence, knowing that PRI will continue to monitor developments and make updates as necessary.

All PRI staff and account representatives are working full-time, and are available to answer questions and provide information as it becomes available. Those with questions should reach out to their account reps, or contact 949-499-5413 or mail@performanceracing.com.

Secure a booth now for the 2020 PRI Trade Show.

By SEMA Washington, D.C., Staff

The federal government wants to help companies keep their workers on the payroll. Under a recently enacted federal law, small businesses may file a “Paycheck Protection Loan” application with their local participating bank starting on April 3. These are forgivable loans. The interest rate is 1.0% on a two-year loan backed by the U.S. Small Business Administration (SBA) and U.S. Department of the Treasury. Companies may borrow 250% of their business’ monthly payroll up to $10 million to cover payroll, rent and other expenses. In turn, the SBA will forgive that portion of the loan used for payroll, rent, mortgage interest and utilities for a period of eight weeks if a small business retains its employees and payroll levels.

Don’t wait—there is a program funding cap. Members are encouraged to contact their banks, get their paperwork in order and file an application. 

Visit the SBA website for more information.

For more resources to help you address Coronavirus, visit www.sema.org/coronavirus. 

By SEMA Washington, D.C., Staff

The federal government wants to help companies keep their workers on the payroll. Under a recently enacted federal law, small businesses may file a “Paycheck Protection Loan” application with their local participating bank starting on April 3. These are forgivable loans. The interest rate is 1.0% on a two-year loan backed by the U.S. Small Business Administration (SBA) and U.S. Department of the Treasury. Companies may borrow 250% of their business’ monthly payroll up to $10 million to cover payroll, rent and other expenses. In turn, the SBA will forgive that portion of the loan used for payroll, rent, mortgage interest and utilities for a period of eight weeks if a small business retains its employees and payroll levels.

Don’t wait—there is a program funding cap. Members are encouraged to contact their banks, get their paperwork in order and file an application. 

Visit the SBA website for more information.

For more resources to help you address Coronavirus, visit www.sema.org/coronavirus. 

By SEMA Washington, D.C., Staff

The federal government wants to help companies keep their workers on the payroll. Under a recently enacted federal law, small businesses may file a “Paycheck Protection Loan” application with their local participating bank starting on April 3. These are forgivable loans. The interest rate is 1.0% on a two-year loan backed by the U.S. Small Business Administration (SBA) and U.S. Department of the Treasury. Companies may borrow 250% of their business’ monthly payroll up to $10 million to cover payroll, rent and other expenses. In turn, the SBA will forgive that portion of the loan used for payroll, rent, mortgage interest and utilities for a period of eight weeks if a small business retains its employees and payroll levels.

Don’t wait—there is a program funding cap. Members are encouraged to contact their banks, get their paperwork in order and file an application. 

Visit the SBA website for more information.

For more resources to help you address Coronavirus, visit www.sema.org/coronavirus. 

By SEMA Editors

SEMA, in partnership with eight other automotive trade associations, urged the National Governors Association and Governors of all 50 states to standardize the definition of essential businesses and workers. The groups recommend adoption of the U.S. Department of Homeland Security’s (DHS) March 28 directive, “Guidance on the Essential Critical Infrastructure Workforce: Ensuring Community and National Resilience in COVID-19 Response,” which identifies essential workers and business operations throughout the economy. DHS guidance clarifies that automotive repair, maintenance and transportation equipment manufacturing and distribution facilities are “essential services” that are critical to ensuring the safe and ongoing operations of our nation’s transportation and logistics sector.

The organizations sending the letter represent companies that manufacture parts and supply services to help maintain the nation’s fleet of public and private vehicles during COVID-19—from cars, trucks and buses to police and emergency vehicles. The letter notes that Governors and local authorities have been making difficult decisions balancing “essential” commercial activities with “Shelter in Place” directives. It is important that states adopt the DHS Guidance, which provides a uniform national approach for protecting the country’s critical transportation and manufacturing needs.

The letter was signed by the Auto Care Association, Automotive Oil Change Association, Automotive Service Association, California Automotive Business Coalition, Motor & Equipment Manufacturers Association, Specialty Equipment Market Association, Tire Industry Association, Service Station Dealers of America and Allied Trades, U.S. Tire Manufacturers Association.

A copy of the letter can be found here.

By SEMA Editors

SEMA, in partnership with eight other automotive trade associations, urged the National Governors Association and Governors of all 50 states to standardize the definition of essential businesses and workers. The groups recommend adoption of the U.S. Department of Homeland Security’s (DHS) March 28 directive, “Guidance on the Essential Critical Infrastructure Workforce: Ensuring Community and National Resilience in COVID-19 Response,” which identifies essential workers and business operations throughout the economy. DHS guidance clarifies that automotive repair, maintenance and transportation equipment manufacturing and distribution facilities are “essential services” that are critical to ensuring the safe and ongoing operations of our nation’s transportation and logistics sector.

The organizations sending the letter represent companies that manufacture parts and supply services to help maintain the nation’s fleet of public and private vehicles during COVID-19—from cars, trucks and buses to police and emergency vehicles. The letter notes that Governors and local authorities have been making difficult decisions balancing “essential” commercial activities with “Shelter in Place” directives. It is important that states adopt the DHS Guidance, which provides a uniform national approach for protecting the country’s critical transportation and manufacturing needs.

The letter was signed by the Auto Care Association, Automotive Oil Change Association, Automotive Service Association, California Automotive Business Coalition, Motor & Equipment Manufacturers Association, Specialty Equipment Market Association, Tire Industry Association, Service Station Dealers of America and Allied Trades, U.S. Tire Manufacturers Association.

A copy of the letter can be found here.

By SEMA Editors

SEMA, in partnership with eight other automotive trade associations, urged the National Governors Association and Governors of all 50 states to standardize the definition of essential businesses and workers. The groups recommend adoption of the U.S. Department of Homeland Security’s (DHS) March 28 directive, “Guidance on the Essential Critical Infrastructure Workforce: Ensuring Community and National Resilience in COVID-19 Response,” which identifies essential workers and business operations throughout the economy. DHS guidance clarifies that automotive repair, maintenance and transportation equipment manufacturing and distribution facilities are “essential services” that are critical to ensuring the safe and ongoing operations of our nation’s transportation and logistics sector.

The organizations sending the letter represent companies that manufacture parts and supply services to help maintain the nation’s fleet of public and private vehicles during COVID-19—from cars, trucks and buses to police and emergency vehicles. The letter notes that Governors and local authorities have been making difficult decisions balancing “essential” commercial activities with “Shelter in Place” directives. It is important that states adopt the DHS Guidance, which provides a uniform national approach for protecting the country’s critical transportation and manufacturing needs.

The letter was signed by the Auto Care Association, Automotive Oil Change Association, Automotive Service Association, California Automotive Business Coalition, Motor & Equipment Manufacturers Association, Specialty Equipment Market Association, Tire Industry Association, Service Station Dealers of America and Allied Trades, U.S. Tire Manufacturers Association.

A copy of the letter can be found here.