Skip to content
Close
SEARCH
Join NHADA
Join NHADA
Dealership_Hero

JOIN OUR COMMUNITY

NHADA Supports the Success of Over 500 Motor Vehicle Businesses
BECOME A MEMBER
Updates
Smiling employee's in a line at work

Explore Cost-Effective Insurance & Workers' Comp. Plans

Get a free Quote
REPORT AN INJURY ONLINE (FORM 8-WC)
Association Events
Learn about NHADA's major events and fundraisers.
VIEW ALL EVENTS
UPCOMING EVENTS
INDUSTRY TRAINING
Explore upcoming webinars, seminars, and on-demand training.
VIEW ALL TRAINING
UPCOMING TRAINING
ON-DEMAND TRAINING

Off the Clock Video Series

Explore the fascinating lives of automotive professionals in our new video series, "Off the Clock"

ALL PARTNERS

Can't find what you're looking for? Try one of NHADA's partners.

Find a Partner

LotDrop-Nav_Supplies

Forms & Supplies

Start Shopping

Apparel-1

Corporate Apparel

Start Shopping

PromoItems

Promotional Items

Start Shopping
National Auto Dealers Association (NADA)Jul 1, 20211 min read

OMB Withdraws Approval for Form 3509; No Longer Required for Large PPP Loan Forgiveness

Since last fall, the Small Business Administration (SBA) has required Paycheck Protection Program (PPP) borrowers with loans of $2 million and above to file a Form 3509 PPP Loan Necessity Questionnaire with their loan forgiveness applications. On June 28, 2021, the Office of Management and Budget withdrew its approval for Form 3509. This action, which directly benefits several hundred dealers with PPP loans of this size, in part resulted from the comments NADA filed in November 2020 and March 2021 urging OMB to withdraw or significantly modify Form 3509.

Many, if not most, dealer PPP borrowers have had their loans forgiven, with the remainder focused on the PPP loan forgiveness process. After PPP lenders review forgiveness applications initially, they provide recommendations to SBA for final decision. Note: PPP borrowers that fail to file for forgiveness within 10 months after the end of their covered period must begin repaying their loans. For more information on loan forgiveness, see the NADA Coronavirus Hub.

In addition to PPP loan forgiveness, dealers are encouraged to review the potential availability of employee retention tax credits (ERTCs) with their legal and financial advisors. An NADA webinar covering the ERTC in some detail is available here.

Please direct any questions to regulatoryaffairs@nada.org.

avatar

National Auto Dealers Association (NADA)

RELATED ARTICLES