NEW LOAN TERMS FOR RESTAURANTS LOWERS THE FORGIVENESS THRESHOLD FOR PPP

https://www.restaurantbusinessonline.com/financing/treasury-makes-restaurant-requested-tweak-ppps-forgiveness-rules

This is great news for restaurants who can’t hire back their staff to still have their loan forgiven. The last paragraph gives us hope for future legislation that will continue to help business with this burden.

“The Association and other groups have also asked Treasury and the Small Business Administration, the administrator of the PPP, to lower the 75% payroll expenditure requirement to 50%; extend the eight-week time frame by several months; and reinstate the terms of the loan to 10 years from the current two.”