AutoNation is returning $77 million in US payroll assistance coronavirus relief loans

Associated Press

• AutoNation Inc <AN.N>, the largest US auto dealership chain, said on Friday it will return $77 million it received in forgivable loans from the US Paycheck Protection Program (PPP) meant to help struggling small businesses and employees during the coronavirus outbreak.
• Marc Cannon, a spokesman for the company, told Reuters that AutoNation was "clearly eligible and applied on behalf of the 7,000 employees furloughed caused by the COVID-19 crisis."
• On Thursday, the Small Business Administration issued new guidelines on the program and soon after AutoNation called a board meeting "and decided to cancel all PPP applications and return all PPP funds" by May 7.
• The loans are forgivable if companies use at least 75% on payroll expenses. AutoNation said it had planned to use all of the funds on payroll.
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WASHINGTON (Reuters) - AutoNation Inc <AN.N>, the largest US auto dealership chain, said on Friday it will return $77 million it received in forgivable loans from the US Paycheck Protection Program (PPP) meant to help struggling small businesses and employees during the coronavirus outbreak.

Marc Cannon, a spokesman for the company, told Reuters that AutoNation was "clearly eligible and applied on behalf of the 7,000 employees furloughed caused by the COVID-19 crisis."

See the rest of the story at Business Insider

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