The National Automobile Dealers Association (NADA) has published two valuable summaries, one is the NADA CARES Act FAQ and the other is NADA PPP Loan Use and Forgiveness. These NADA publications address many of the current questions posed over the past couple weeks. In particular, the FAQ on the CARES Act addresses concerns regarding use of the funds and employee counts (see questions 23 to 33).
If you have additional questions, Selden Fox can help. For additional information please call us at 630.954.1400 or click here to contact us. We look forward to speaking with you soon.