CARES doesn’t help restaurants enough, PPP application opens
This week, the federal government announced the Payment Protection Program (PPP) may recieve additional funding to help small businesses.
Applications began on April 3 for the PPP which was part of the $2 trillion stimulus package passed by Congress in March. As the process opened to small business owners however, it was soon evident that the application was confusing and frustrating. Few banks were reportedly prepared to take applications on the launch date and Twitter erupted in complaints, forcing Treasury Secretary Steven Mnuchin to tweet that the President had directed him to secure another $250 billion for the loan program.
The Senate is expected to debate over the additional legislation today, April 9, but nothing is expected to pass as both parties are at a stalemate.
Additionally, the Independent Restaurant Coalition petitioned to Congress asking for more restaurant protections during this time. Led by chefs Tom Colicchio, Kwame Onwuachi, Naomi Pomeroy, the IRC wants Congress to address the issues in the CARES act that they outlined in an April 6 letter to the government that would affect the 15 million Americans who are employed by the restaurant industry.
See what else was trending on Restaurant Hospitality this week including more lawsuits against insurance companies and third-party delivery app additions.