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

The information is provided by Dealer XT, and is not intended to constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. You should contact your attorney to obtain advice with respect to any particular legal matter. © 2020

DealerXT is not a law firm or lawyer referral service and cannot provide any advice or opinion about your legal rights. The information found on DealerXT.com is intended for general informational purposes only and should be used only as a starting point for addressing your legal issues. The information is not the provision of legal services, and accessing such information, or corresponding with or asking questions, or otherwise using the Services, does not create an attorney-client relationship between you and DealerXT, or you and any lawyer. It is not a substitute for an in-person or telephonic consultation with a lawyer licensed to practice in your jurisdiction about your specific legal issue, and you should not rely on such Legal Information. You understand that questions and answers or other postings to the Services are not confidential and are not subject to attorney-client privilege. © 2020