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AFSA Urges SBA to Forgive Finance Company PPP Loans

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AFSA Urges SBA to Forgive Finance Company PPP Loans

Today, AFSA wrote to the Small Business Administration (SBA) asking that it clarify that finance companies are eligible for Paycheck Protection Program (PPP) loan forgiveness. “AFSA’s members, like so many businesses across the country, faced sudden and dramatic revenue shortfalls last year. Instead of furloughing staff, those businesses with fewer than 500 employees applied for – and got – loans through the PPP,” the letter explained.

The association stressed, “The SBA must fulfill Congress’ mandate and clarify that finance companies, particularly vehicle finance companies and installment lenders, are eligible for PPP loan forgiveness.” AFSA staff is also working with members of Congress, urging them to weigh in with the SBA as well.

May 18th, 2021 by