News You Can Use- NADA, Federal & State Updates

NADA Dealership Lifeline Series Webinar Highlights PPP Forgiveness – July 15, 1pm.  Register Today

Wednesday, July 15, 1:00 p.m.-2:00 p.m.: A new Dealership Lifeline Series webinar, PPP Loans: Applying for Forgiveness, will focus on forgiveness elements of the Paycheck Protection Program and is designed for dealers, key managers and outside advisors who are assisting dealer-borrowers with their loans. Moderated by NADA's chief regulatory counsel, Doug Greenhaus, the session will include a review of key guidance on loan forgiveness. Presenters Daniel Thompson and Jay Goldman, CPAs with the firm Boyer & Ritter, will discuss applying for and maximizing loan forgiveness. Click here to register.

Note: Participants should print these SBA forms prior to the webinar:

• PPP Loan Forgiveness Application (form 3508)
• PPP Loan Forgiveness Application Instructions for Borrowers
• PPP EZ Loan Forgiveness Application (form 3508EZ); and
• PPP EZ Loan Forgiveness Application Instructions for Borrowers.

Recordings of all webinars in NADA's Dealership Lifeline Series are available to NADA and ATD members 24/7, free of charge.  

NADA Updates CARES Act FAQs and Forgiveness Analysis

NADA has updated its Analysis of PPP Loans: Use of Proceeds and Forgiveness to reflect: 

• All forgiveness guidance and application materials published by the Small Business Administration and the Treasury Department as of July 9; and
• The Paycheck Protection Program Flexibility Act of 2020 (PPPFA), signed into law June 5. 

NADA encourages registrants for the webinar mentioned above to review this PPP analysis. NADA also recently updated its CARES ACT FAQs with new information on the PPP and the Main Street Lending Program.

Treasury Issues Guidance on Reporting Sick and Family Leave Wages

The U.S. Treasury Department and the Internal Revenue Service provided guidance to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA). 

• Employers will be required to report these amounts on form W-2 box 14, or in a statement provided with the W-2.
• See additional IRS information about tax relief for those affected by the COVID-19 pandemic. 

Ohio BMV Alerts Dealers Regarding Certificate of Good Standing Vendor

The Ohio BMV Dealer Licensing Section is reporting that dealers are receiving forms entitled “2020 Certificate of Good Standing Request Form” from the Ohio Certificate Service.  These forms look official and may give the impression that businesses which register with the Ohio Secretary of State should also file for or receive a Certificate of Good Standing, see the example HERE.  This is not accurate.  If a business wants or needs a Certificate of Good Standing, the business may request one directly from the Ohio Secretary of State HERE without using a third party.