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SBA Issues New Guidance Regarding PPP Borrower Certifications

May 14, 2020

Yesterday (May 13, 2020), the Small Business Administration (SBA) and Treasury issued new guidance (See FAQ #46) which clarifies issues regarding the Paycheck Protection Program’s (PPP) borrower certifications that NJ CAR highlighted in a recent update.

NADA has provided an informative and thoughtful analysis of the new guidance, and concluded that it renders the SBA’s previously imposed May 14, 2020 “safe harbor” deadline largely irrelevant for most dealers.

This new guidance is straightforward and should be helpful for dealerships that applied for PPP loans based on the original understanding of the purposes of the PPP. NADA’s analysis can be found HERE.

Also, Andy Koblenz, NADA’s Executive Vice President and General Counsel, will be holding a webinar today at 1:00 p.m. to provide further details in this regard. A link to register for the webinar can be found HERE.

Please tune in this afternoon to remain informed about this crucial development regarding this vital financial lifeline for dealers.