SBA/Treasury Paycheck Protection Program (PPP)

16 Apr 2020 12:22 PM | Myron Rau (Administrator)
  • Please note the following with respect to the SBA/Treasury Paycheck Protection Program (PPP):

     

    1. NADA has posted a new document entitled PPP Loans: Use of Proceeds and Forgiveness NADA Preliminary Guidancewhich provides valuable insights into important issues involving the forgiveness elements of the PPP loan program.  To the extent that a PPP loan is forgiven, it effectively becomes a grant from the federal government to the borrower.  Please note that, as the document stresses, this information is preliminary and does not reflect the additional guidance NADA expects to obtain from SBA/Treasury, which will be circulated as soon as it is received.
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    1. Also, please note that, as of this morning, the SBA has closed both the PPP and its EIDL program to new applications.  Simply put, the funds for both loan programs have been depleted.  NADA has signed on to a letter to Congress and is pushing hard for additional PPP funding.  Additional funding is important for dealers who have yet to apply for a PPP loan or have applied for one but have yet to be approved and funded.
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  1. Regarding other PPP and CARES Act issues, please see the updated version of NADA’s FAQ and Treasury’s PPP Loan webpage.  Lastly, for other dealer-related Covid-19 information, please regularlyvisit NADA’s Coronavirus Hub.
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