Despite new funds, restaurants say policy changes to the Paycheck Protection Program are still needed for their industry to come back.
Independently owned restaurants are blasting the passage of a bipartisan bill that would replenish funds to a program designed to keep small businesses from shuttering amid the nation's coronavirus pandemic, arguing it does not make the"fixes" their industry desperately needs.
But the Independent Restaurant Coalition – which represents chefs and owners of small, non-chain restaurants – Most restaurants have closed amid stay-at-home orders imposed by states across the country or shifted to take-out food only. Restaurants were some of the first business to be ordered to shut down temporarily. Restaurateurs say the PPP changes are needed for many to reopen.
To have the loans completely forgiven, businesses are required to spend 75% of the federal money on payroll and 25% on fixed expenses such as rent, utilities and other bills. A business must start spending the money 10 days after getting approved, and they have eight weeks until the loan expires.But restaurants say these are unreasonable mandates while many are closed and not accumulating normal business expenses – and could remain closed for months, well past the expiration date.
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