A federal appeals court has upheld the denial of partial forgiveness for a $2 million PPP loan given to a dealership group that surpassed borrowing limits. The ruling comes after the company argued it should receive relief despite exceeding the loan cap. Courts previously ruled against the dealership’s appeal, leaving its financial dispute unresolved. The decision underscores ongoing legal challenges surrounding PPP loan forgiveness for businesses that faced borrowing restrictions.
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.
