Attention dealers with PPP loans over $2 million
You may have received an SBA form from your lender related to PPP forgiveness, if your dealership group received over $2 million in loans. There is much confusion over the auditing of firms who received these funds. FADA urges you to hold your responses pending new information coming from NADA.
The SBA form has actually expired and we understand it may be in the process of revision. The Dixon Hughes Odom automotive accounting firm is doing a seminar on Monday on this same topic. Please await further instruction before responding to your lenders.
