Update on SBA Franchise Codes and NADA Guidance

Dear WANADA Members,

Please note that NADA has updated their listing of Small Business Administration OEM Franchise Identifier Codes; you may view that list at this link. We are pleased to see that a large number of OEMs have received identifier codes in the past week, and we thank NADA for their hard work on this project.

NADA has also produced a draft Addendum A for Paycheck Protection Program borrowers to use on Question 3 of the PPP  Borrower Application Form. If you are completing the SBA's form, please review the draft addendum with your legal counsel to see if it applies in your business' particular case.

As we have mentioned before, if you believe you may need a PPP loan, please contact your pre-existing SBA 7(a) Lender as soon as possible, or use the SBA's Lender Match Tool to find one. Tens of billions of dollars from the fund are being issued each day, so time is increasingly of the essence.

For further guidance, please refer to the Treasury Department's updated FAQ page related to the PPP, as well as the SBA's list of Coronavirus relief options, which covers the full roster of rescue provisions made available to businesses through the CARES Act. 

Please feel free to contact myself or Joe Koch ( jk@wanada.org) if you have any questions about the information contained in this letter, or if you need guidance on any business-related matters. And please continue referring to WANADA's COVID-19 Information Library, which includes a full list of resources and guidance for businesses and employees alike.

Sincerely,
  
John O'Donnell
WANADA President and CEO