Most of Ford Motor Co's U.S. dealers received payroll protection loans from the U.S. government amid the coronavirus pandemic, the automaker's ...
Most of Ford Motor Co's U.S. dealers received payroll protection loans from the U.S. government amid the coronavirus pandemic, the automaker's chief operating officer said on Thursday.
Early in the outbreak, Ford"made sure" its U.S. dealers applied with the U.S. Small Business Administration for federal loans to protect their payrolls and employees, Jim Farley said during the company's annual shareholder meeting held online."This really paid off because about 90-plus percent of our dealers applied and now more than 80per cent have been funded," he said.
"They are independent businesses, and they all have their own relationships with their banks, so that was the extent of our involvement," Deep said in an email. Among the companies that have returned the loans are dealer groups AutoNation Inc and Penske Automotive Group Inc .
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