FAQ on SBA Paycheck Protection Program

05 Apr 2020 3:58 PM | Myron Rau (Administrator)

NADA Issues FAQs on SBA Paycheck Protection Program

Late last night the Small Business Administration issued an interim final rule (IFR) on the implementation of the Payroll Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This IFR offers guidance on and outlines the key provisions of the PPP. As this is an interim final rule, this guidance is effective immediately. Importantly, this guidance has confirmed that PPP loans will be made first-come, first-served, with funds available until they are exhausted. Dealers interested in PPP funding should contact their lenders as soon as possible to secure funding before the appropriated money has been exhausted. 

Today NADA released CARES Act FAQs that include information on the PPP. The FAQs incorporate the new guidance on PPP loans and information on SBA Economic Injury Disaster Loans, tax provisions and changes to unemployment assistance.  

Additional guidance from the SBA on the affiliation rules under the PPP is pending. NADA will continue to work with the SBA and Department of Treasury to implement the provisions of the CARES Act and will update these FAQs as more information becomes available. 

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