SBA's Paycheck Protection Program Has Re-Opened

Dear WANADA Members,

The Small Business Administration's  Paycheck Protection Program has once again re-opened, with the government accepting and processing applications from SBA 7(a) lenders as of 10:30 this morning. Given that the first $350 billion in funding ran out in less than two weeks, we anticipate that this round of funding will also go quickly.

The SBA has also re-activated their Lender Match Tool, which you can access at this link. You can also view a PDF list of participating banks as of late last week, organized by state, by clicking here.

As we have noted before, 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 in order to receive your funds.

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 qualify for PPP funding.  You can find those franchise codes here.

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 also encourage you to read NADA's guidance on how to ensure you receive the maximum amount of PPP loan forgiveness from the SBA.

As always, please feel free to contact me or Joe Koch ( jk@wanada.org) at any time. You can also visit WANADA's COVID-19 Information Library for more information, and we also encourage you to avail yourselves of the resources in NADA's Coronavirus Hub.

Sincerely,
  
John O'Donnell
WANADA President and CEO