A few days from now, a good percentage of Americans will receive their new stimulus package from the government. For those who have car dealerships, this is a great source to boost your business.
US President Joe Biden signed the American Rescue Plan Bill last Thursday, March 11, 2021. This bill allows Economic Impact Payments – or EIPs, or stimulus payments – to qualified American citizens. This is to ensure that many Americans will pay expenses incurred during the impact of the COVID-19 pandemic. The government will start releasing the stimulus package within the coming days.
However, we would like to reiterate some qualifications to meet to get the stimulus package. This post will identify these key factors in a bit. If you own a dealership, we will also provide ways to boost your business using the new stimulus package.
New Stimulus Package: What Are The Inclusions
You must be aware that the new stimulus package is not just tailored for businesses and business owners. Individuals and private citizens – both young and old – can also benefit from the pay. Below are some of the significant inclusions you can get with the package.
$300 A Week For The Unemployed
The new stimulus package offers a hand to those who don’t have jobs. Qualified unemployed individuals can get a weekly allowance of $300 and continue up to September 6th of this year. This plan also exempts jobless individuals from paying tax on their first $10,200 received payments.
$1,400 Direct Payments To Citizens
Most Americans and their respective dependents can get $1,400 direct payments through this bill. Note that individuals with an annual income of 80,000 dollars and above may not be eligible to get the direct payments. Those who have $75,000 to $80,000 yearly income may still be considered.
Child Tax Credit Expansion
The new stimulus packages highlight the expansion of child tax credit for an entire year. This also means that the credit will increase to $3,600 and $3,000 for children under 6 and kids between 6 and 17, respectively.
Budget For Rental And Utility Assistance
Having a hard time paying for rent and utilities? Part of the new stimulus package offers assistance to rental and utility fees. For this, the government sets aside $25 billion. They also put an additional $10 billion for mortgage aid.
These are four of many provisions included in the new stimulus package. There are a few more key provisions that highlight the other sectors of the population. To know more about the other inclusions not mentioned here, you can check out this report published by the New York Times.
Financial Assistance For Your Business
Now that we’ve enumerated several core provisions in the new stimulus package, you might be wondering how all these can help you, a business owner. The ones mentioned above focus only on the individual, although you can still benefit from these. If you want financial assistance that is more focused on your dealership, you can check these provisions from the new stimulus package for small businesses. Most businesses affected by the pandemic are welcome to take advantage and apply for these programs.
Application For Paycheck Protection Program
Better known as PPP, the Paycheck Protection Program aids small business owners and non-profit organizations so that employees can keep their jobs. To apply, you need to know the guidelines first – this increases the chance that your loan may be forgiven. Don’t worry if you’ve already applied and were granted PPP before; you can still loan for the third time. The deadline for submission of PPP applications is March 31.
SBA Express Bridge Loans
Small business administration (SBA) lenders are another way to get financial aid for your business. If your company already has a relationship with an SBA, you may be able to get a new loan of up to $25,000 faster than a normal process could. If you haven’t yet, you may want to apply for an SBA Express Bridge Loan program today.
SBA Debt Relief
You may already have an existing SBA loan, but you’re having a hard time paying it off. For those that are in this situation, you can apply for an SBA Debt Relief program. This program helps business owners with SBA loans by paying off their principal, fees, and interests for loans – 7(a) and Microloans – released no later than September 27, 2020.
Economic Injury Disaster Loans
Most people would understand that during this challenging time we’re in, some business owners are having a hard time keeping their businesses afloat. But through the economic injury disaster loans, there’s a great chance that these monetary issues with business can be alleviated. The government develops the EIDL program to help small businesses in funding and other operating expenses. If you have a car dealership, chances are you’re having a hard time keeping up with the operation costs. This program can help keep the finances on track, particularly in marketing and inventory management.
These four programs are essential to businesses, including car dealerships, who need to keep up until the pandemic ends. If you want to apply to one of these programs, doing it online is the most convenient way. Check this link out if you wish to apply or if you’re looking for more information.
Why And How You Should Boost Advertising Using The New Stimulus Package
You or your family member may be eligible for a stimulus check. Or you’ve applied for the EIDL program and got approved. Either way, the money you receive is already one step ahead in ensuring your business stays during the rest of the pandemic. Aside from operational costs, you must consider how you can market your dealership during the pandemic. Sadly, not many businesses even try to make a marketing effort, citing that it costs a lot of money.
Marketing and advertising are very essential these days. Though it may take a good portion of your budget from the new stimulus package, just think of it as a critical investment. You still need to drive customers to your dealership, and marketing is one of the most effective ways to guide them in.
So how can you do it? Below are the ways on how to boost advertising and marketing using the new stimulus package.
Take Advantage Of Online Marketing
Ever since the pandemic started, the majority of people are now buying their necessities online. It’s not surprising that car dealerships shift a part of their focus through digital and online marketing. There are a couple of ways to boost your business, but one of the fastest ways is to target your online ads to a specific demographic and/or location.
The good thing about online marketing is that it’s way more affordable than traditional marketing. You don’t need to spend thousands of dollars just to have your ad be published and spread around. You just need someone who can do a compelling ad copy and knows how to do online ads (google, FB, etc.,) and you’re good to go.
Though learning how to do online ads may seem confusing, this is a more cost-efficient way to do so. But it doesn’t hurt to hire an online ad expert if the budget allows it.
Convey A “Covid Compliance” Message
One reason people don’t want to physically visit stores is that they’re not sure if these establishments follow COVID protocols. With that, one way to earn the trust of both old and new patrons is to make sure you follow covid safety guidelines. It is much better if you let them know, too. Each state has different protocols implemented in every establishment. Make sure that you know what the actual guidelines are.
Perhaps the most common things that government bodies include in the guideline are following social distancing, wearing a mask, and sanitizing as much as possible. When you follow these protocols, don’t forget to include them when you promote your business online. This makes your customers know that it’s safe for them to pay a visit to your physical store when they get tired of online shopping.
Make Use Of Car Dealership Software And Apps
More and more applications and software were developed in recent years, even when the pandemic hit. So when you already have the funds you got from the new stimulus package, you may want to check out different automotive software and car dealership apps. There are several car apps out there that can help you move your dealership operations from a physical one to a digital one. Some apps also help manage your inventory, update you with the recon process, and provide vehicle condition report to your clients.
Either get two or more apps to help you with your dealership operation, or you can opt for one car app that can do all of that, acting like your dealership’s command center. This way, you’d be able to save a lot of time and money from operations.
The new stimulus package helps American citizens and business owners to push further to the finish of this pandemic. Be sure to use the resources wisely.