A federal appeals court has denied BMW of Springfield’s request to partially cancel its $2 million Paycheck Protection Program loan, ruling that the dealership group violated borrowing limits. The decision follows an earlier dispute over whether the company exceeded the PPP’s size restrictions, which cap loans based on employee counts. Legal challenges over PPP forgiveness have intensified as businesses and lenders grapple with repayment requirements and eligibility disputes. The ruling could set a precedent for similar cases involving loan caps and borrower accountability.
A federal appeals court rejected BMW of Springfield’s bid for partial forgiveness of a $2 million PPP loan after its dealership group exceeded a borrowing cap.
