The American Car Rental Association has penned a letter to Treasury Secretary Steve Mnuchin to advocate for the car rental industry being included in any economic stimulus package passed by Congress and signed by the Administration.
"Our industry is being hurt tremendously already by the COVID-19 pandemic and there is no sign that this situation will turn around in the near future," the letter reads.
- Grants and loans or a voluntary liquidity facility to purchase car rental industry assets (with reservation of 10% of grants or loans for companies with 500 or fewer employees);
- Federal funds to make airports "whole" for minimum annual guarantee payments and airport rents for car rental concessions;
- Two-year deferral of tax on ordinary income gains on the disposition of rental cars purchased over the previous 24 months;
- Temporary deferment of payroll tax obligations for the American car rental industry.
Car rental companies provide – large and small – such services day-in and day-out to government agencies, other essential businesses, and the public in every community across the country.
Especially in times of crisis, the vehicle rental industry meets local and often urgent transportation needs for first responders, health-care workers, and other social-support services such as home-care professionals, food banks and elder-care services.
In addition, given increased warnings about public venues and transportation, car rentals may be the only viable option for many American citizens facing medical or family emergencies, or for those who can’t afford to purchase or maintain a personal vehicle, such as college students.
For more information on the essential role played by car rental companies, please contact ACRA’s Executive Director Sharon Faulkner or Government Relations Representative Greg Scott.