Everything Restaurants Have Ever Wanted to Know About the Paycheck Protection Program (PPP)

Other than healthcare, the industry most impacted by the coronavirus pandemic is the hospitality and food services industry. Many restaurateurs and others in the industry are being advised to monitor new legislation and figure out if and how the programs apply to their businesses. 

When the Paycheck Protection Program (PPP) was established by the  Coronavirus Aid, Relief and Economic Security Act (CARES) in late March, there was a sense of some relief in knowing that up to $349 billion in forgivable loans would be available to small businesses to pay their employees during the COVID-19 crisis. However, the first round of PPP funding ran out of funding within days of release on April 3. Congress approved an additional $310 billion for PPP loans in a second round of funding which began on April 27. For restaurants, however, the PPP caused confusion in terms of who could apply and how the loans would be handled. This article will answer the most common questions we have heard in our…