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Tuesday, 24 March 2020 19:04

Body Shops Can Tap SBA EIDL Loans During Coronavirus Woes; New Fed Aid Has ‘Main Street’ Program

Written by John Huetter, Repairer Driven News

Last week, we drew collision repairers’ attention to the importance of liquidity during a business disruption like the national COVID-19 coronavirus response.

Do you have enough cash or credit to cover critical expenses like payroll if revenue slows or halts altogether? If not, you might want to look into that soon.

 

The Small Business Administration predicted March 17 “most” small businesses can get a line of credit from a bank.

 

The Federal Reserve has been encouraging such lending, including its March 15 cuts of the federal funds rate target to 0-0.25% and the primary credit rate to 0.25%.

 

To read more, click here.

 

We thank Repairer Driven News for reprint permission.

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