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.
Read MoreDealers 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.
Read MoreFor 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.
Read MoreThis 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.
Read MoreLate 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.
Read MoreCongress 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.
Read MoreOn 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.
Read MoreSince 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".
Read MoreThe U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans.
Read MoreThe White House and congressional leaders struck a deal for a new $484 billion pandemic relief plan with funds for a tapped-out small business aid program and aid for coronavirus testing at overwhelmed hospitals.
Read MoreThe PPP prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and business expenses. GNYADA thanks NADA for providing this quick rundown of the PPP.
Read MoreWe are constantly working to raise the bar on our services. If you have any questions or concerns about your experience, please let us know.
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