The recently passed federal stimulus bill allows many RV dealers, suppliers and others qualifying as small businesses to get SBA loans covering all paychecks for the next two months. Dealers that don’t cut staff or wages can get most of their loans forgiven.
The CARES Act set aside $350 billion for small businesses to keep workers employed during the pandemic and economic downturn. The Paycheck Protection Program gives 100 percent federally guaranteed loans to small businesses.
Dealers and RV industry businesses have multiple ways to qualify as a small business, including having fewer than 500 employees. The loans can be equal to 2.5 times a company’s monthly payroll costs, up to $10 million. Most of the loan amount—including eight weeks’ payroll, rent and utilities—may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The U.S. Department of the Treasury has loan applications available here.
The U.S. Chamber of Commerce has issued this guide to help small businesses file for a loan.
Small business owners can use this loan calculator created by Industrial Finishes to estimate how much money they will get—and how much will be forgiven. (Calculator does not display on mobile devices.)
