Managing Your Dealership During COVID-19
The RV Learning Center's Tony Yerman shares useful steps dealers are taking right now to protect employees and customers during the coronavirus outbreak. For more information, click here.
For a comprehensive handbook on business operations during the COVID-19 outbreak published by OSHA, click here.
New Law Provides Greater Flexibility for Borrowers
Dealers Need to Review Adjusted PPP Loan Timetables
President Trump has signed the much-anticipated Paycheck Protection Program (PPP) Flexibility Act of 2020. The new law comes just in time for many PPP borrowers who are reaching the end of their original 8 week covered period. It provides an additional 16 weeks of time to spend PPP loan proceeds on eligible expenses and will also increase the percentage of “non-payroll” expenses eligible for forgiveness.To read the full analysis by Jane Saxon, CPA, Somerset CPAs and Advisors, click here.
RV Dealer Online Sales & Delivery Considerations
Online sales negotiations may be conducted through email, video conferences, phone calls, texts, or online chats. The paperwork is provided online, and most transaction documents are executed online electronically. In most states, remote sales and delivery are permissible if the dealership has a physical location that meets state licensing requirements and the salesperson conducting the online sale is licensed under state law. To read the full article, click here.
Spader: Nine Action Items Stabilizing and Shaping Your Future
John Spader and the Spader Business Management Team have created several business situation analysis tools to help businesses sort through the noise and get to the key questions and actions that are needed to make sound business decisions now. For more information, click here.
Developing a Cash Conservation Strategy
Dealership consultant and Spader 20 Group facilitator Mark Sheffield strongly recommends dealers develop a cash conservation strategy to deal with the fallout from COVID-19 business disruptions. In an article posted on RVDA's website, he provides thoughts on how to generate cash on short notice and stretch out cash on hand for as long as possible. For more, click here.
Food for Thought: Dealership Expense Reduction Ideas
A company specializing in dealership cost control has outlined 15 dealership expense reduction and new revenue generating opportunities. Bloomington, MN, based StrategicSource suggested leveraging vendor contract renewals to negotiate better rates on a range of common expenses during an Automotive News webinar. For more information, click here.
KPA Resource Center for Employers in the Time of COVID-19
Mike Molino RV Learning Center strategic partner KPA has launched a coronavirus resource center with free webinars, training courses and articles for employers. KPA's team of HR experts are providing free resources to help businesses address coronavirus in the workplace. To access the resource center, click here.
RV Dealer Digital Survival Kit
Having a robust digital marketing strategy during the
current COVID-19 outbreak can help boost consumer awareness of your
brand and help your business survive these uncertain economic times.
Right now, it's more important than ever to maintain customer
relationships and find new ones. To access the digital survival kit, click here.
Guarding Your Dealership During a Pandemic
Past Convention speaker and vice president for Trader Interactive’s Recreational Brands, Paige Bouma shares tips to help dealers through the slower weeks ahead. To read Paige's article, click here.
Families First Coronavirus Response Act
Department of Labor Guidance Q&A
President Trump has signed the Families First Coronavirus Response Act. This economic stimulus plan to address the impact of COVID-19 includes many provisions which apply to employers, such as paid sick leave for employees impacted by COVID-19 and those serving as caregivers for individuals with COVID-19. There are two provisions providing paid leave to employees forced to miss work because of the COVID-19 outbreak: an emergency expansion of the Family Medical Leave Act (FMLA) and a new federal paid sick leave law. The leave provisions went into effect on April 1.
This law provides refundable tax credits for employers who are required to provide Emergency Paid Sick Leave and Emergency Paid Family and Medical Leave. These tax credits are allowed against the employer portion of Social Security taxes. The law allows the Secretary of Labor to exclude to exempt small businesses with fewer than 50 employees if the required leave would "jeopardize the viability of their business." For guidance from the IRS on implementation, click here.
There are also caps on paid sick leave wages and specific calculations for rate of pay included in the law. RVDA will provide more information as the Department of Labor releases more details on how the law will be implemented. For detailed information from leading employment law firm Fisher Phillips, click here. From RVDA outside counsel Venable, click here. Please consult your attorney for additional information on state specific employment law.