PPP Application Deadline Extended — $129 Billion Available
Frank L. Washelesky
In June, the Paycheck Protection Program (PPP) Flexibility Act was signed into law, making it easier for many businesses to benefit from forgivable PPP loans. This was good news for restaurants, many of which had declined to apply for loans because of the Program’s strict requirements regarding rehiring of staff, use of the funds and other restrictions. But it left restaurants with little time to apply before the Program’s original June 30, 2020 deadline.
Related Read: Paycheck Protection Program Gets a Refresh
Fortunately, Congress unanimously passed the PPP Extension Act, and the President signed it into law on July 3. The Act extends the PPP loan application deadline through August 8, giving businesses more time to gather the documentation they need to take advantage of the $129 billion in funding remaining.
Lawmakers are considering additional improvements to the PPP, as well as restaurant-specific relief. For example, the bipartisan RESTAURANTS Act would create a $120 billion revitalization fund to provide grants to smaller restaurants and bars. Keep an eye on developments in Congress and be prepared to act quickly if and when additional relief becomes available.
For more information about PPP loans and other financial relief available, please contact Frank L. Washelesky
at [email protected] or 312.670.6235. Visit ORBA.com to learn more about our Restaurant Group.