The Small Business Administration announced that it will resume accepting PPP loan applications from approved lenders on behalf of eligible borrowers this Monday, April 27, at 10:30am ET. Dealers who previously completed PPP loan applications do not need to resubmit their applications, or submit new applications, to their bank. Both those dealers and dealers who intend to apply for a PPP loan should touch base with their banks regarding their applications.

NADA has updated question 18 of its CARES Act FAQs with additional information on the recent SBA/Department of Treasury guidance regarding the eligibility of large businesses with adequate liquidity to receive PPP loans.