On May 24 The US Senate voted 92-7 to extend the Paycheck Protection Program (PPP), which provides forgivable loans for payroll and overhead expenses to help see struggling small businesses through the pandemic.
Businesses can apply for PPP loans that can be forgivable, therefore, converted into grants if the owners spend the money on approved costs, such as worker salaries. Business groups and lenders had urged Congress to extend the deadline to give small businesses more time to apply for the money.
This month’s package also included a $28.6 billion grant program specifically for restaurants. Restaurants that have received PPP money can also tap the fund if they can demonstrate enough revenue loss. The latest PPP round allows some businesses to apply for a second loan if they used up their first one, met requirements regarding the number of employees and could demonstrate a decline in revenue.
For more information on how to apply click here