AFSA Supports SBA PPP Program
The American Financial Services Association (AFSA) today (March 31) submitted a letter of support to the National Economic Council on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
“The PPP is the most important provision in the new stimulus bill for most small businesses,” AFSA President & CEO Bill Himpler wrote in the letter. “[The association] and its members are anxiously awaiting the regulations that will implement the PPP and get loans into the hands of small businesses as soon as possible.
Himpler also noted two requests for consideration by the SBA. First, vehicle finance companies, which are already actively lending to businesses, should be permitted to quickly and easily qualify to be lenders under the program. Second, implementing regulations should clarify which financial institutions are eligible. As written, it is not clear if financial services companies must have under 500 employees and less than $35.5 million in annual receipts or if they only have to be under the employee threshold.
March 31st, 2020 by Dan Bucherer