The application process for Small Business Association (SBA) loans prior to the COVID-19 pandemic required borrowers to demonstrate an inability to obtain credit elsewhere. In light of the extraordinary business conditions many are experiencing during this pandemic, that requirement has been suspended, as part of the Paycheck Protection Program (PPP) under the CARES Act, and replaced with the requirement that borrower certify that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.”
Information about the PPP program distributed this week by the Small Business Administration and the U.S. Treasury Department emphasized that this “necessity certification” must be made in good faith. We encourage all firearm industry members considering an SBA loan under the Paycheck Protection Program to read the full communication regarding eligibility requirements here.
As part of our continuing efforts to provide accurate information and guidance during the coronavirus situation, NSSF® invites you to take part in a new SHOT UniversityTM Online live webinar, “Retail & Indoor Range Operating Tactics in the COVID-19 Era.” The webinar takes place Monday, April 27, at 11:00 a.m. EST. Paul R. Bastean, Managing Director of Ultimate Defense Firing Range & Training Center, L.L.C., will walk those attending through a number of health-safety best practices FFLs are employing during the COVID-19 crisis. This webinar is free to industry members, but space is limited. To participate, RSVP here.
