NADA has released
PPP Loans: Use of Proceeds and Forgiveness
, which is NADA's preliminary guidance on the forgiveness elements of the PPP loans. The guidance will be updated as NADA obtains additional information from the SBA and Treasury Department.
Also, please note that as of this morning, the SBA has closed both the PPP and its EIDL program to new applications. Simply put, the funds for both loan programs have been depleted. It is our understanding if you were already issued a loan number, your money has been allocated for you and will not be impacted. NADA has signed on to a letter to Congress and is pushing hard for additional PPP funding. Additional funding is important for dealers who have yet to apply for a PPP loan or have applied for one but have yet to be approved and funded.