Many, if not most, dealer PPP borrowers have had their loans forgiven, with the remainder focused on the PPP loan forgiveness process. After PPP lenders review forgiveness applications initially, they provide recommendations to SBA for final decision. Note: PPP borrowers that fail to file for forgiveness within 10 months after the end of their covered period must begin repaying their loans. For more information on loan forgiveness, see the NADA Coronavirus Hub.
In addition to PPP loan forgiveness, dealers are encouraged to review the potential availability of employee retention tax credits (ERTCs) with their legal and financial advisors. An NADA webinar covering the ERTC in some detail is available here.
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