Sunday, March 29, 2020, members of the NFLA, NFCA, McDonald’s Treasury, and the National Lenders collaborated together via conference call to discuss the urgency and open questions that remain concerning the SBA PPP program available to businesses.
As of now, this is what we know:
1) All National Lenders will participate in PPP loans.
2) The banks are all working with SBA towards a universal application and single launch date, but this is not yet agreed upon.
3) A separate business bank account should be set up for the funds of the loan. All of the proceeds need to be accounted for separately, and this will allow for proper paper trail of the loan.
Regarding loan payment deferrals, if you have not already done so, we encourage you reach out to your lender immediately.
We will continue to monitor the SBA PPP program initiatives and requirements, and keep you up to date with email communications as we believe that is the quickest method of getting information to all of you. We understand that you are eager to process the PPP funds, but we assure you that we are in direct communication with McDonald’s through the NFLA, and will be bringing you the information as it becomes available to us.
As a reminder, also check our Covid-19 resource page on our website as we will be updating information there as well.