Attention, repair shop owners & others! CARES Act update for PPP, small business assistance

WASHINGTON, D.C. – ASA Washington, D.C. representative Bob Redding continues to relay information to aid members and others, as the Trump Administration provides updates and spotlights resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

ASA Washington, D.C. representative Bob Redding

Today the Department of Treasury released additional guidance regarding the CARES Act Paycheck Protection Program:

• Paycheck Protection Loans: Frequently Asked Questions (Updated today)
• New Lender Application Form (Non-Bank and Non-Insured Depository Institution Lenders)

Note: Lenders in the categories requiring the new form should submit by emailing NFRLapplicationforPPP@sba.gov. Federally insured banks, credit unions, and farm credits should continue submitting new lender applications to DelegatedAuthority@sba.gov.

For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.

Assistance for Small Businesses

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

• For a top-line overview of the program CLICK HERE
• If you’re a lender, more information can be found HERE
• If you’re a borrower, more information can be found HERE
• Borrower Application Form (Updated 4/2/20)
• Lender Application Form
• New Lender Application Form (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions)
• New Lender Application Form (Non-Bank and Non-Insured Depository Institution Lenders)
• Interim Final Rule
• Interim Final Rule on Affiliation
• Applicable Affiliation Rules
• Frequently Asked Questions UPDATED 4/8
• Find an eligible lender