The Association has heard from several dealers that have submitted PPP loan forgiveness applications - using the FTE Reduction Safe Harbor 1 exemption - that their applications have sailed through their bank’s review but have stalled under Small Business Administration (SBA) examination.
Dealers that received a Paycheck Protection Program (PPP) loan in 2020 are reminded that their loan forgiveness application is due within 10 months after the last day of the borrower’s covered period. The PPP “covered period” is the date of your loan origination plus 24 weeks.
For those dealers that applied for and received a Paycheck Protection Program loan in 2020, you have 10 months from the end of the covered period to apply for forgiveness, otherwise your loan will not be forgiven and you will have to repay the loan principal plus interest according to the terms of the note.
This year we all had to learn about rules for quarantine and know what to do when an employee is exposed to COVID-19 or test positive for COVID-19. There was financial relief with a whole new set of vocabulary words too. Keeping up with new words and acronyms has been a challenge in 2020. Below, GNYADA has compiled some of the common terms used this year to help you keep up.
Late last night, Congress cleared for President Trump’s expected signature another pandemic relief package totaling $900 billion in response to increasing concerns about the adverse impacts of the resurgence of COVID cases across the country.
Congress passes a $2.3 trillion spending bill that provides $900 billion in coronavirus relief and $1.4 trillion to fund the government through Sept. 30.
On Friday evening, August 28th, 2020, the IRS and Department of the Treasury released Notice 2020-65 providing brief guidance as it relates to the August 8th, 2020 executive order allowing for a potential employee payroll tax deferral.
Since COVID-19 hit, GNYADA has been holding weekly webinars with some of our most prestigious partners to help dealers through the myriad of issues arising from the pandemic. These webinars have become affectionately known as "Bagels with Bieber".
NADA released a concise summary of federal aid programs available to qualifying businesses to respond to the COVID-19 crisis
Review NADA's updated FAQs on the federal emergency employee leave mandates under the Families First Coronavirus Response Act (FFCRA). These updates reflect DOL's recently updated guidance on how to compute hours and regular rate of pay and clarifications for emergency sick leave under FFCRA.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act), signed into law on March 27, 2020, is the most expansive economic stimulus package in American history. This FAQ provides an overview of the CARES Act’s impact on dealerships and of important information regarding federal loans programs, tax credits and provisions, and enhanced unemployment benefits.
Review NADA’s PPP Loans: Use of Proceeds and Forgiveness NADA Preliminary Guidance, which provides valuable insights on the forgiveness elements of the PPP loan program.
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