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Stock impact report

AutoNation returning $77 mln in U.S. payroll assistance coronavirus relief loans [Reuters]

AutoNation, Inc. (AN) 
Last autonation, inc. earnings: 2/11 06:45 am Check Earnings Report
US:NYSE Investor Relations: investors.autonation.com
Company Research Source: Reuters
AutoNation returning $77 million in U.S. payroll assistance coronavirus relief loans WASHINGTON (Reuters) - AutoNation Inc ( AN.N ), the largest U.S. auto dealership chain, said on Friday it will return $77 million it received in forgivable loans from the U.S. Paycheck Protection Program (PPP) meant to help struggling small businesses and employees during the coronavirus outbreak. Marc Cannon, a spokesman for the company, told Reuters that AutoNation was “clearly eligible and applied on behalf of the 7,000 employees furloughed caused by the COVID-19 crisis.” He said the company “intended to rehire all 7,000 associates under the PPP program as encouraged by the government and designed to get individuals back to work.” AutoNation has implemented cost-cutting measures, including temporary pay cuts for staff, curtailing of advertising expenses and postponing over $50 million of capital expenditures through the second quarter of 2020. On Thursday, the Small Business Administration issued Show less Read more
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