Paycheck Protection Program to Restart Operations on Monday

Dear WANADA Members,

This afternoon, Small Business Administration chief Jovita Carranza and Treasury Secretary Steve Mnuchin issued a joint statement about the resumption of the SBA's  Paycheck Protection Program. The SBA will resume accepting and processing applications from 7(a) Lenders at 10:30 a.m. ET on Monday, April 27.

According to the statement, the Trump Administration "encourage[s] all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously." 

Please note that the final decision on whether certain prior applicants will need to re-apply on Monday is up to each SBA 7(a) Lender.  If you have already applied for the PPP, and have not yet received approval for funds (and certainly if you have not yet been assigned an E-Tran number  by your lender), please contact your bank as soon as possible to determine if there are any action steps you need to take.

For those who have applied for the  Economic Injury Disaster Loan advance program, please note that the SBA will resume processing these applications in the order in which they were received. The $484 billion bill signed into law by President Trump adds another $60 billion to the EIDL advance program, in addition to the $310 billion allocated for the PPP.

If you are a multi-dealership franchisor with more than 500 total employees, you will need your OEM's SBA franchisor codes in order to apply for PPP funding.  You can find those franchise codes here.

If y ou do not have a pre-existing relationship with an SBA 7(a) Lender, we hope that the SBA will soon re-activate their Lender Match Tool, which can be found at sba.gov/lendermatch . You can also view a list of SBA-approved PPP lenders, organized by state, by visiting this link.

Please refer to the SBA's FAQ page for lenders and borrowers for more information, along with the Treasury Department's FAQs about the loan program. If you are preparing an application, you can also view the PPP Borrower Application Form here.

We will update you with any additional resources that the federal government or our association partners produce regarding this new funding. You can always visit WANADA's COVID-19 Information Library, as well. As always, please feel free to contact me or Joe Koch ( jk@wanada.org) at any time.

Sincerely,
  
John O'Donnell
WANADA President and CEO