Deadline to Apply for a PPP Loan is TODAY, June 30

information provided by NADA

The deadline to apply for a Paycheck Protection Program (PPP) loan is today, June 30. Prospective PPP loan applicants should immediately contact potential lenders, if they haven't already done so. A loan application, a lender lookup, eligibility information, and other important rules and guidance materials are available from the Small Business Administration website. There is approximately $100 billion still available for potential PPP loans.

The PPP, created by Congress as part of the CARES Act, has been critical in keeping dealership employees on the payroll during COVID-19. Many dealers who received PPP loans have used them to keep employees or bring back furloughed or terminated employees, even when economic conditions would have otherwise forced those dealers to make drastic and permanent workforce reductions. For more dealer-focused information on the PPP program, see NADA's Coronavirus Hub.