Senate Passes Paycheck Protection Program Replenishment

Dear WANADA Members,

This afternoon, the U.S. Senate passed legislation that will add at least $310 billion to the Small Business Administration's Paycheck Protection Program, and $60 billion to the Economic Injury Disaster Loan advance program. 

The House of Representatives is expected to pass the legislation on Thursday, and President Trump indicated today that he will sign it into law. If you have not yet received approval for a PPP loan, you will need to re-apply once the law is enacted and the SBA begins receiving new applications.

If you do not have a pre-existing relationship with an SBA 7(a) Lender, you can find one at sba.gov/lendermatch once the PPP fund is replenished. Please refer to the SBA's FAQ page for lenders and borrowers for more information.

The legislation passed by the Senate also includes $100 billion for hospitals and for COVID-19 testing, and roughly $11 billion to state governments to help cover the holes in their budgets caused by dwindling sales and use tax revenues. 

NADA has recently updated two important resources -- their CARES Act guidance, which covers the PPP and EIDL programs, and their guidance on how to ensure those who receive PPP funds get the most loan forgiveness possible.

We will update you with any additional resources that the federal government or our association partners produce regarding this new legislation. And we will also let you know when the House of Representatives passes this bill and the president signs it into law. 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