Restaurant owners who have successfully applied for a PPP loan this year and have already submitted an application for exemption may soon receive a message: whether your PPP loan is exempt and how much is exempted.U.S. Small Business AdministrationSBA will begin processing applications for exemption on Friday and has already forwarded funds to some lenders to pay for PPP loans previously provided to restaurants and other small businesses.
Please note that restaurant owners who have already applied for and used PPP,You need to submit a refund application before December 12 this year.如果您的免还申请没有通过、或者部分金额需要偿还，借贷方将需要向您收取1%的利息。6月5日前发放的贷款需要在2年内偿还，6月5日之后发放的贷款还款期为5年。
PPP is the main form of assistance provided by the U.S. government to small and micro enterprises during the new crown epidemic. The purpose is to help small employers like restaurants retain employees as much as possible. Regarding the application and exemption of PPP projects, we will be in April-August this year. Have written a very detailed application and analysis of exemption:Full analysis of PPP loans
According to Restaurant Business’s analysis, nearly 50,000 restaurants have received loans of at least $150,000.而andAccording to data from the US Small Business Administration SBA, on August 8 this year, after the current round of PPP applications, there was still about $8 billion in funds left unsuccessfully distributed.
When will there be a second round of PPP?
PPP loans are part of the CARES ACT issued in March this year to provide assistance to small and micro enterprises in the United States.而andLast week, the House of Representatives proposed a new round of rescue bill HEROES ACT, which included an additional $1200 billion in aid for restaurants and bars and a second round of PPP loans.But this proposal was blocked in the Senate controlled by the Republican Party.On Tuesday, President Trump also instructed the White House staff to stop negotiations until the end of the general election.He said that as long as the re-election is successful, he will immediately promote an aid package aimed at helping small businesses.
However, he eased his tone last night and said on Twitter that the House of Representatives and the Senate should immediately approve the re-distribution of the US$250 billion allocated to the aviation industry and the US$1359 billion allocated to small business PPP loans.
references:
https://www.restaurantbusinessonline.com/financing/ppp-forgiveness-process-begins
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