Best Practices
Survival Tip #15: PPP Loan Forgiveness Now a Reality
In our last PPP webinar, The Path to Loan Forgiveness-, the discussion focused on how restaurants are struggling to qualify for total loan forgiveness when state mandates prevent them from resuming dining room service.
Since then, Congress unanimously approved changes to the PPP which will greatly improve the likelihood of loan forgiveness for many restaurants by extending the forgiveness period to 24 weeks and giving restaurants until December 31st to restore staffing to pre-COVID levels.
He that can have patience can have what he will.
-- Benjamin Franklin
The bill includes additional exemptions for restaurants unable to restore sales to pre-COVID levels, and as such cannot fully restore the number of full-time equivalent staff.
These changes make it possible for nearly all restaurants to receive forgiveness for PPP loans. We'll discuss these changes and show how to qualify for full forgiveness in our upcoming webinar this Wednesday at 3:00 p.m. central. Click here for more information.
-
Paycheck Protection Program
The Paycheck Protection Program is a benefit of The Cares Act stimulus package. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
-
June 2020 Restaurant Startup & Growth
Featured Articles
Take It Outside by Stephani Robson and Barry K. Shuster
Offering or Expanding Outdoor Dining at Your Restaurant
Smiles in Seats by Stephani Robson
Why "RevPASH" is Critical to Monitoring Your Restaurant's Performance in the 'New Normal'
Marketing in the New Normal by Barry Shuster
Driving Sales in the Wake of COVID-19
