COVID-19 APRIL 24 UPDATE


Application Process Re-Opens Monday Morning
For Paycheck Protection Program Emergency Loans



April 24, 2020 - The Small Business Administration (SBA) and Treasury Department announced the application process for Paycheck Protection Program (PPP) loans will re-open at 10:30 a.m. Eastern time on Monday, April 27. An additional $310 billion has been appropriated for the PPP through the CARES (Coronavirus Aid, Relief, and Economic Security) Act to provide additional relief to small businesses impacted by the COVID-19 pandemic.

Sporting goods retailers and dealers who did not receive funding from the initial $349 billion in the program are encouraged to apply. The loan applications must come from approved lenders on behalf of any eligible borrower.

In a joint statement, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin said "we encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously." If you applied during the first round of funding, make sure you check with your lending institution to determine if they will require you to submit a new application. Each lending institution may have different criteria.

NSGA has important resources you need for the Paycheck Protection Program on our COVID-19 Information and Resources page. NSGA will provide updated documents as they become available. These include:

  • Click here for a Paycheck Protection Program Info Sheet for Borrowers
  • Click here for a Paycheck Protection Program Loan Application Form

The updated Paycheck Protection Program includes $30 billion set aside for loans through Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with assets of less than $10 billion. Community Financial Institutions are defined as minority depository institutions, certified development companies, microloan intermediaries and State or Federal Credit Unions.

There will also be $30 billion set aside for loans made by Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion.

The updated program also appropriates $50 billion in Economic Injury Disaster Loans (EIDL) and $10 billion for emergency grants of up to $10,000.

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. You can also visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program. The program is scheduled to run through June 30, 2020.
 
Click here for the NSGA COVID-19 Resources and Information Page which includes previous updates on the progress and details of the CARES Act. You can also use our interactive map to find state-by-state resources related to the COVID-19 pandemic.

NSGA will continue to closely monitor the details of the CARES Act and what it entails for independent sporting goods retailers and dealers. The NSGA team is working remotely through at least April 30 and we are here to help as best we can. Contact us at (847) 296-6742 or info@nsga.org .
National Sporting Goods Association | www.nsga.org