Important Small Business Association Loan Information

Dear WANADA Members,

Under the terms of the CARES Act, small businesses can apply for up to $10 million in forgivable  Paycheck Protection Program loans through the Small Business Association. Dealers can also apply for small business economic injury disaster loans.

Under the terms of CARES Act, auto dealer franchisees with more than 500 employees spread across multiple dealerships will be able to qualify for these SBA loans once their OEMs have secured a Franchise Identification Number. Please click here to view the most up-to-date list of Franchise IDs for OEMs

As you'll see in that document, there are still OEMs without franchise IDs; you can view an Excel spreadsheet with the status of those remaining manufacturers at this link

Please note that franchise dealers with less than 500 employees do not need a code to qualify for the loan. As we have mentioned previously, dealers can secure relief through a qualified 7(a) lender. Please view the SBA's Paycheck Protection Program resource page for more details, including their Lender Match tool. 

Lenders will be able to disburse loans as soon as Friday; we encourage you to get this process started as soon as possible because the funds allocated thus far are not limitless.

Please click here to view a sample PPP loan application form, provided by the Small Business Association. 

On our COVID-19 Information Page, we have posted a number of additional helpful resources about the CARES Act provisions available to dealers. To that end,  NADA has published an informational guide   on how auto dealers can ensure they qualify for the Paycheck Protection Program.

The U.S. Senate has also published two helpful resources for small businesses: one about the CARES Act overall, and another detailed guide about the Paycheck Protection Program specifically.

We will continue providing frequent information about the federal response to the COVID-19, and the resources available to small businesses. As always, you can contact myself or Joe Koch ( jk@wanada.org) with any questions. The WANADA Bulletin, which we are publishing weekly through the duration of this crisis, also will feature detailed information about many issues of concern to dealers during this time.

Families First Coronavirus Response Act Now in Effect

Please also note that the Families First Coronavirus Response Act takes effect today, with a drastic (but, for now, temporary) expansion of paid family and medical leave provisions, the cost of which will be covered fully by the federal government. If you have not already done so, please review this helpful explainer about the new provisions, and please familiarize yourself with the Department of Labor FAQs regarding both the overall law, and the new workplace poster requirements

Also, if you have not communicated the new notice to your employees yet, please do so as soon as possible, as the notice requirement is now in effect.

Summary

As I mentioned earlier, please contact me or  Joe Koch ( jk@wanada.org ) at any time.  Similarly, please contact Ed Mullaney ( em@wanada.org ) or Connie Ryan ( cr@wanada.org ) if you have any questions about your WANADA-provided insurance or benefits programs.

Thank you for your tireless work during this pandemic. We know this is a difficult time for everyone, and we will do everything we can to help you get through it, so long as we remain safe and healthy. Please stay tuned for more information from us throughout the coming weeks.

Sincerely,
  
John O'Donnell
WANADA President and CEO