DOE Advanced Technology Vehicle Manufacturing (ATVM) LOAN PROGRAM

On March 6, 2009, DOE announced a change to its existing policy regarding the processing of ATVM loan applications. Previously, DOE announced that, for loan applications submitted after December 31, 2008, no final decisions would be made until after the close of the quarter (March 31, June 30, etc). In order to expedite the processing of all applications, DOE has now decided that it will now evaluate substantially complete applications as and when they are submitted. They are also announcing that they may make decisions on such applications and close loans with respect to such applications at any time. DOE states that applications submitted after December 31, 2008 will be treated in the same manner as applications submitted prior to December 31, 2008.