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Senate Votes to Allocate Billions to Restaurant Industry With Stimulus Renewal

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The Paycheck Protection Program has helped keep many small businesses, including restaurants and bars, afloat during the pandemic

There were also rules around what businesses could and could not use the money for, and stipulations on what kind of spending would ultimately result in loan forgiveness. And those rules often didn’t fit the needs of restaurant industry.

For instance, the money had to be used within a certain time frame, and there was pressure to use the loans on payroll, even when restaurants were closed and it would’ve been dangerous to have active employees.

 

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Senate overwhelmingly votes to extend small business rescueCongress has agreed to keep the Paycheck Protection Program alive for another two months, giving the nation's small businesses more time to borrow billions of dollars in government-backed loans to stay afloat
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