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The Independent Restaurant Coalition has released a video explaining the updates to the Payroll Protection Program and is aimed at restaurant operators.
Navigating the PPP applications for funding, loans and forgiveness is a daunting and complicated process. In fact it’s so daunting that many of the restaurateurs who applied for loans back in March haven’t even been able to complete their loan forgiveness applications since then.
The pandemic has not gone away in the meantime and indeed has worsened, with cases surging across the US. So it appears it will be a significant amount of time before restaurants will be able to welcome guests into their dining rooms and fill out full staff rotas.
So in the meantime, restaurateurs will have to avail of the next round of PPP, which makes $284 billion accessible for restaurant operators to pay furloughed staff. The funds will need to be applied for as soon as possible as the last round of PPP, a $350 billion fund, ran out in just 2 weeks.
Presented by the IRC, James Beard Foundation, and Arnold & Porter, with Katie Button, James P. Joseph, Cheetie Kumar, and Paul Nabhan. Visit SaveRestaurants.com/PPP for additional information.
Just a few requirements are necessary to allow a restaurant to apply for a fund/grant:
They should be able to demonstrate that gross receipts declined by 25%. They must be able to prove they were open for business by 15 February, 2020. Except for seasonal employers, small businesses that opened after that date during the pandemic will not qualify for this round of PPP. The restaurant must have fewer than 300 employees per location, first-time borrowers may have up to 500 employees per location. They must not be a publicly-traded company.
As always, do your own research on this matter.
