National Restaurant Association Requests Changes to 2nd Draw of PPP
Date postedJanuary 18, 2021
The National Restaurant Association asked the Department of Treasury and SBA to make the following changes to the Interim Final Rule on the second draw of the Paycheck Protection Program in order to maximize employee retention and save restaurant livelihoods:
- Adjust “single corporate group” limitations so that restaurants can maximize PPP’s primary intent – helping employees receive paychecks and employers pay rent.
- Recognize the 3.5 multiplier for the NAICS 72 “Accommodation and Food Services” sector to increase the maximum loan amount for borrowers.
- Provide flexibility for calculating gross revenue losses under a three-month measurement period in 2020 rather than a strict calendar quarter period.
- Clarify that otherwise eligible entities, under new ownership, can be eligible for second draw by demonstrating the applicable revenue losses from the previous owner.
- Click here to read entire letter