The Auto Care Association sent a letter earlier this week to Secretary of the Treasury Steven Mnuchin requesting that he work with Congress to increase the amount of funds allocated to the Paycheck Protection Program to ensure more businesses, including auto care industry businesses, are given access to these much-needed loans. The following is an excerpt from the letter:
Dear Secretary Mnuchin:
As you work on behalf of our country to provide much-needed economic aid to the many domestic industries that are suffering as a result of the COVID-19 pandemic, I request that you consider the auto care sector. The auto care industry includes independent auto repair shops, part retail stores and distributors, and aftermarket auto part manufacturers. We are a significant contributor to the U.S. economy. Prior to the COVID-19 pandemic, our industry represented 536,237 businesses that employed 4.7 million people and generated $ 405 billion in revenue.
We appreciate the establishment of the Paycheck Protection Program and urge you to work with Congress to increase the amount of funds allocated to this program to ensure that more businesses are given access to these much-needed loans. A significant number of our businesses employ fewer than 100 people and have had to lay off their employees in fear that otherwise they will not be able to keep their businesses afloat. The Payroll Protection Program will help them keep their doors open…
To read the full letter, click here.