Florida: (850) 878-6404
North Carolina: (919) 847-8632

Florida: (850) 878-6404
North Carolina: (919) 847-8632

News

Important News and Alerts

BSM Continues to Assist Dealers Navigate the Ever-Changing PPP Loan Rules

BSM Shareholder, Richard Sox, has presented seven (7) seminars on the Paycheck Protection Program loan eligibility and forgiveness thus far for various dealer organizations. The continuing seminars are a result of the repeated changes made to the PPP by both the Small Business Administration and Congress. Congress, of course, passes the legislation creating and modifying the Program, most recently by way of the PPP Flexibility Act. The SBA, in consultation with the US Department of Treasury, has the authority to issue rules and guidelines clarifying PPP issues and implementing the Program.

The most significant recent changes to the PPP, found in both the Flexibility Act and a subsequent SBA rule are (i) that businesses can avoid a reduction in their loan forgiveness amount if they can demonstrate that the business had a loss of business activity during the covered period resulting from federal, state or local Covid-19 guidelines and restriction; and (ii) that businesses have up to 24 weeks to use their PPP loan proceeds for forgivable expenses (up from the original 8 week time period).

As dealers strategize on maximizing their loan forgiveness, to include avoiding any reduction in the forgiveness amount, as well as documenting loan eligibility, experienced legal counsel should be consulted to insure the dealership’s loan forgiveness application will stand up to any future audit by the SBA.

BASS SOX MERCER

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.

This website is not intended to be advertising and Bass Sox Mercer does not wish to represent anyone desiring representation based upon viewing this website in any state or jurisdiction where this website fails to comply with all laws and ethical rules.

FLORIDA

  • Phone: (850) 878-6404

  • Fax: (850) 942-4869

  • 2822 Remington Green Circle Tallahassee, Florida 32308

NORTH CAROLINA

  • Phone: (919) 847-8632

  • Fax: (919) 847-8633

  • 4208 Six Forks Road, Suite 1000, Raleigh, NC 27609

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