What Dealers Need to Know about the Revamped Paycheck Protection Program ("PPP")

GNYADA Communications
January 12, 2021 / 2 mins read

Click to Download Slides

The Paycheck Protection Program is getting a reboot as part of Congress’s latest coronavirus stimulus package. The $900 billion deal includes $284 billion for PPP, which will reopen after closing in August.

Much like the program’s first run, the aid will be in the form of forgivable loans to small businesses, but there are some key changes on issues such as eligibility for second-time applicants and types of forgivable expenses.

Ed McWilliams, CPA with Cerini and Associates returns to present a special program to provide clarity about the key changes of the revamped PPP as well as answers to frequently asked question such as:

  • How has PPP changed?

  • Your dealership never obtained a PPP loan. Can you obtain one now?

  • You already have a PPP loan. Are you eligible for a PPP second draw?

  • Can a PPP second draw be forgiven?

  • What are the forgiveness requirements?

  • Can the SBA audit the PPP loan?

  • Are expenses associated with the PPP loan now deductible?

  • What other forms of small-business aid are available?

Presenter

  • Ed McWilliams, CPA
    Director
    Cerini & Associates, LLP

Moderator

  • Susan J. Bieber, Esq.
    Vice President - Dealer Services
    GNYADA