Under HEALS Act, Over Half of Restaurants Ineligible for PPP Loans
The National Restaurant Association is looking to change a threshold in the Senate HEALS Act which will currently make 55% of restaurants ineligible for another Paycheck Protection Program (PPP) loan.
Via a letter to Congressional leadership, the Association noted that small businesses with less than 300 employees will need to show 50% in quarterly gross receipts to apply for another round of PPP loans. At that level, over half of restaurants will be ineligible for the loans.
In order to get more restaurants the assistance they need, the Association...
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