The Paycheck Protection Program (PPP) has been a lifesaver for small businesses. The latest legislation has provided a second round and even allowed for the amendment of the first round under the appropriate circumstances.
A supplemental program known as the Restaurant Revitalization Act that provides $28.6 billion directed specifically to restaurants has passed and the SBA portal is due to open on Monday May 3 for Women and Minority Owned (MWBE) businesses, and May 24 for all others.
There are complex issues with respect to qualification, set offs and the like but the bottom line is that there will be substantial money available to assist restaurants. Distribution is on a first come basis. You need to act now if you’re going to get your share of these funds. Contact Eric A. Browndorf at ebrowndorf@cooperlevenson.com or Jarad K. Stiles at jstiles@cooperlevenson.com.
