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August 09, 2020

SBA Announces Acceptance of PPP Loan Applications This Monday

The Small Business Administration (SBA) announced that it will resume accepting PPP loan applications from approved lenders on behalf of eligible borrowers this Monday, April 27, at 10:30am ET. Dealers who previously completed PPP loan applications do not need to resubmit their applications or to submit new applications to their lenders. Both those dealers, and dealers who intend to newly apply for a PPP loan, should touch base with their lenders regarding their applications.

Also, NADA has updated questions 18 of its CARES Act FAQs with additional information on new SBA/Department of Treasury guidance regarding the eligibility of large businesses with adequate liquidity to receive PPP loans. That new guidance is found in a revised SBA/Treasury FAQ document and a new Interim final rule.