DealerXT is always looking into new laws and developments to keep you informed of events that might affect your business. By now you may have heard that the federal government has passed some financial assistance totaling approximately $2+ Trillion Dollars.
Approximately $349 Billion Dollars of the assistance will be targeted for small businesses (under 500 employees) like yourself. We have already submitted numerous applications on behalf of our DealerXT members for FREE. Some main points about the SBA loans available are:
· Working capital for business continuity is the primary request (keep the rent, power, insurance,
etc. paid during the disaster)
· Up to $25k without collateral, over $25k and up to $2M with collateral
· 3.75% fixed, up to 30 years, no prepayment penalty, no fees or points
· Using a monthly sales revenue average to calculate eligible loan amount
· “Acceptable” credit history of on-time payments (versus the normal SBA required credit score)
· No payments for 4 months. Payments start in the 5th month
DealerXT and Auto Legal Group, LLP have decided to use their resources and lawyers to help Dealer XT dealers/members in this regard, FREE OF CHARGE.
DealerXT continues to take proactive steps, even during a crisis, to help minimize the negative economic impact that the recent changes have created.
Just e-mail BailOut@DealerXT.com
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