Restaurant REVITALIZATION Fund
Who can apply |
Allowable Use of funds |
Eligible entities who have experienced pandemic-related revenue loss include:
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Funds may be used for specific expenses including:
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Paycheck Protection Program - Round 2
Businesses that apply for this round of PPP must demonstrate a reduction in gross receipts of no less than 25 percent during the first, second, third, or — for applications submitted on or after January 1, 2021— fourth quarter in 2020, relative to the same quarter in 2019.
The bill limits eligibility for this round of PPP loans to business with 300 or fewer employees — rather than 500 or fewer employees — and caps the total loan amount at $2 million.
The bill limits eligibility for this round of PPP loans to business with 300 or fewer employees — rather than 500 or fewer employees — and caps the total loan amount at $2 million.
eligibility
- A second round PPP loans are available to businesses that were in operation prior to February 15, 2020.
- You must show a loss in revenue in 2020. This is proven by showing a 25% (or more) reduction in gross receipts from any quarter in 2020 relative to that same quarter in 2019.
- For example, if a business made $20,000 in sales in the second quarter (Q2) of 2019, they must show a reduction of at least 25% of that amount in the same quarter of 2020. So If the business recorded $15,000 or less in Q2 sales in 2020, they are eligible to apply for a second PPP loan.
For the food and accommodation
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For seasonal
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Eligible Expenses
Employers who received a first draw PPP loan that has not yet been forgiven may use their PPP loan funds to cover these expanded qualifying expenses. Second draw PPP loan recipients are eligible for loan forgiveness equal to the sum of their payroll costs and expanded allowable expenses so long as at least 60 percent of loan funds are used for payroll costs.
The expansion of PPP eligible expenses
For the first roll out of PPP loans, eligible expenses included payroll costs, rent, and utilities expenses.
Included in this bill is an expansion of the eligible expenses you can use your PPP loan for. These new expenses include:
Included in this bill is an expansion of the eligible expenses you can use your PPP loan for. These new expenses include:
- Operations expenditures: Any software, cloud computing, or other human resources and accounting needs.
- Property damage costs: Any costs from damages due to public disturbances occurring in 2020 and not covered by insurance.
- Supplier costs: Any purchase order or order of goods made prior to receiving a PPP loan essential to operations.
- Worker protection expenditures: Any personal protection equipment or property improvements to remain COVID compliant from March 1, 2020 on wards.