Potential PPP Loan Waiver, the New HEROES Act
This week the Treasury Department announced that a decision on PPP loan waiver would be made in the next few weeks. The Small Business Administration has received over 96,000 loan waiver applications and banks have complained about the slow approval process while restaurant owners wait months.
But there is hope. A Treasury Department spokesman told sister site Nation’s Restaurant News on Wednesday that the Small Business Administration and Treasury Department “expect decisions and payments on PPP loans to flow in late this week or early next week” as part of the next phase of the aid program.
Meanwhile, in the House of Representatives, the HEROES Act was introduced by the Democrats in the House of Representatives. This relief bill includes over $ 120 billion in funding to restore independent restaurants as chains are excluded from restaurant funding.
The beating of the law kept coming this week as US officials called on the Federal Trade Commission to investigate third-party suppliers. Ohio Governor Mike DeWine received a bill at his desk to make take-out cocktails legal.
Check out these trending stories and more from the past week on Restaurant Hospitality.