A federal appeals court has dismissed BMW of Springfield’s appeal seeking partial forgiveness of its $2 million Paycheck Protection Program loan, ruling that the dealership group violated borrowing limits. The decision follows an earlier determination that the company exceeded the PPP’s size restrictions for small businesses. Legal experts suggest the case could set a precedent for similar disputes over loan eligibility, while the automaker’s representatives have not yet commented on next steps. The ruling underscores ongoing scrutiny of PPP loan distributions amid ongoing audits and repayments.
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.
