SBA Issues New PPP Loan Application, Interim Rule

Dear WANADA Members,

Following the passage of  the Paycheck Protection Flexibility Act , which creates some important changes to the SBA's Paycheck Protection Program, the Small Business Administration has updated their borrower application form and issued a revised interim final rule to reflect the changes to the PPP.

We are still waiting on the Treasury Department to update their FAQ page on the PPP, so that it reflects the new changes to the program's loan forgiveness standards. Those modifications include extending the period in which forgivable funds can be spent from eight to 24 weeks, and reducing the amount of the loan that needs to be spent on payroll costs. 

That said, our friends at the National Automobile Dealers Association have updated their CARES Act guidance to reflect the new legislation, along with their PPP loan forgiveness information resource

You can view a full list of relevant PPP documents and guidance on the SBA's website at this link Please note that June 30 remains the deadline for applying for a PPP loan. As of June 12, more than $512 billion in SBA 7(a) Loans had been approved through the program, but tens of billions of dollars remain available.

Though it is not PPP-related, we would also like to remind you that the U.S. Department of Labor has graciously agreed to host a webinar on the paid leave provisions contained within the Families First Coronavirus Response Act. The webinar will be held on Wednesday, June 24 at 10 a.m. ET; please click here to view a calendar invite, which contains the access information to join either online or via phone.

Please let me or Joe Koch ( jk@wanada.org) know if you have any questions. All of the federal government and NADA resources mentioned above can be found on  WANADA's COVID-19 Information Library

Sincerely,
  
John O'Donnell
WANADA President and CEO