April 23, 2020 -
The House of Representatives and Senate have approved an additional $310 billion for the Paycheck Protection Program (PPP) through the CARES (Coronavirus Aid, Relief, and Economic Security) Act to provide additional relief to small businesses impacted by the COVID-19 pandemic. The latest bill has been sent to President Trump for his expected signature.
Sporting goods retailers and dealers who did not receive funding from the initial $349 billion in the program are encouraged to apply. It is important to be prepared for the start of the application period for this latest round of funding from the Small Business Administration (SBA) and Treasury Department. NSGA will update you when an official start date for this application period is announced, but you are encouraged to reach out to your financial institution without delay.
If you applied during the first round of funding, make sure to check with your lending institution to determine if they will require you to submit a new application. Each lending institution may have different criteria.
NSGA has important resources you need for the Paycheck Protection Program on our
COVID-19
Information and Resources page. NSGA will provide updated documents as they become available. These include:
- Click here for a Paycheck Protection Program Info Sheet for Borrowers
- Click here for a Paycheck Protection Program Loan Application Form
The updated Paycheck Protection Program includes $30 billion set aside for loans through Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with assets of less than $10 billion. Community Financial Institutions are defined as minority depository institutions, certified development companies, microloan intermediaries and State or Federal Credit Unions.
There will also be $30 billion set aside for loans made by Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion.
The updated program also appropriates $50 billion in Economic Injury Disaster Loans (EIDL) and $10 billion for emergency grants of up to $10,000.
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. You can also visit
SBA.gov/Coronavirus
for more information on the Paycheck Protection Program.
The program is scheduled to run through June 30, 2020.
Click here
for the NSGA COVID-19 Resources and Information Page which includes previous updates on the progress and details of the CARES Act. You can also use our
interactive map
to find state-by-state resources related to the COVID-19 pandemic.
NSGA will continue to closely monitor the details of the CARES Act and what it entails for independent sporting goods retailers and dealers. The NSGA team is working remotely through at least April 30 and we are here to help as best we can. Contact us at (847) 296-6742 or
info@nsga.org
.
