Dallas-based RumbleOn, Inc., the e-commerce company using innovative technology to simplify how dealers and consumers buy, sell, trade or finance pre-owned vehicles, today announced the receipt of approximately $5.2 million in funding from the Paycheck Protection Program (PPP).
“With economic uncertainty affecting all of us, we proactively applied for these funds as part of our ongoing contingency planning and preparation. The funding provided to us by the SBA PPP loan ensures that we are positioned to reaccelerate our business as conditions permit,” commented chief executive officer Marshall Chesrown. “Over the course of the past two months, we have communicated the actions we are taking to mitigate the impact on our financial performance. While the ongoing and future effects of the COVID-19 pandemic are unpredictable and continue to evolve, we are taking prudent steps to protect the long-term health of our business and remain committed to delivering shareholder value over time.”
The PPP funding takes the form of a low-interest loan, certain amounts of which are forgivable in accordance with the PPP.