Today is the first day to submit applications for a Small Business Administration loan under the new Paycheck Protection Program (PPP), one of the key components of the Coronavirus Aid, Relief, and. Economic Security (CARES) Act. Many lenders are not yet taking applications as they seek guidance from the SBA. Dealers seeking to participate should be prepared to submit their applications as soon as their lenders open up the application process due to the anticipated high demand and possible oversubscription for PPP Loans.
For ease of reference, below is a list of vehicle manufacturers’ SBA Franchise Identifier Codes (FIC). We will update the list as FICs are issued and we obtain the numbers. The SBA application process requires information about affiliates to determine size qualification. Any dealership under common control or ownership with other dealerships within an automotive group should include in the Addendum the FIC for the other franchise brands when applying for a PPP Loan. See our prior Alert for more information concerning the waiver of the affiliation rules and the need for an FIC for dealership groups with more than 500 employees in the aggregate.
Here is the current list of OEM’s that have obtained an FIC:
- Acura - S4999
- Audi - S4994
- Bentley – S5005
- Buick - S5004
- Cadillac - S5004
- Chevrolet - S5004
- Chrysler - S2810
- Cummins - S3150
- Dodge - S2811
- Ford - S4155
- GMC - S5004
- Honda - S5000
- Infiniti – S5017
- Jeep - S2812
- Kia - S4776
- Lexus - S5018
- Lincoln - S4156
- Mack - S3407
- Mazda - S2792
- Mitsubishi - S3990
- Nissan - S4995
- Peterbilt - S3678
- Porsche - S5014
- Ram - S2813
- Rolls Royce – S5016
- Subaru - S2968
- Toyota:
- Gulf States Toyota, Inc. - S5006
- Southeast Toyota, Inc. - S5011
- Toyota Motor Corporation - S4998
- Volkswagen - S4993
- Volvo - S4339
You can apply through any existing SBA 7(a) lender or through any participating federally insured depository institution or credit union. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Many more manufacturers have submitted applications for FIC codes to the SBA, but not all have received or published them. We will provide updates to this list as we become aware of newly released FICs. Also, the most current SBA Franchise Directory is available online.
