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

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

News

Important News and Alerts

SBA PAYCHECK PROTECTION PROGRAM

Phase Three of Congress’ COVID legislation includes several important tools that dealerships may be eligible for, including the SBA Paycheck Protection Program (“PPP”).

The PPP allows for loans through SBA approved lenders for 2.5 times average monthly payroll costs (up to $10M), which may be completely forgiven, and is designed to provide immediate liquidity to keep dealership operations ongoing during the pandemic.

Dealers are eligible to make application for PPP loans beginning on April 3.

BSM has developed a checklist of essential items that dealers should consider regarding eligibility, use, and repayment of the loans to assist dealers in this process.

It is expected that the demand will be huge, so it is critical that dealers are prepared to apply for the PPP loans.

Any questions related to this Alert can be directed to Richard Sox,  rsox@dealerlawyer.com or Jason Allen, jallen@dealerlawyer.com (telephone 850.878.6404); or Shawn Mercer, smercer@dealerlawyer.com (telephone 919.847.8632).

 

The foregoing information is provided for educational purposes only and is not to be construed or interpreted as legal advice.

 

 

 

 

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

Office Building

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