Paycheck Protection ProgramUpdate: Loan Eligibility, Use and Forgiveness

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Now that many dealers have received their PPP loan proceeds, it is important to understand the rules governing use, and maximizing forgiveness of, those proceeds.  

This webinar will address the recent SBA guidance expanding on which businesses are eligible for the PPP loan and provides a May 14, 2020 deadline for return of loan proceeds which did not meet eligibility requirements. 

We will also cover new SBA clarifications regarding required employee headcount to qualify for loan forgiveness. 
 
Richard Sox, Esq., shareholder with Bass Sox Mercer law firm, will discuss some of the legal issues surrounding the PPP loans and provide best practices for members. 

PPP issues that will be covered include:

  • Best Practices for Maximizing Loan Forgiveness Amount

  • Permitted Use of Loan Proceeds

  • Safe Harbor for Return of Loan Proceeds

  • Loan Forgiveness Criteria 

  • Employee Headcount Test

  • Employee Payroll Test

Presenter:
Richard N. Sox, Esq.
Bass Sox Mercer