THE CARES ACT
The $2 trillion coronavirus relief bill called the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27th. The bill includes new relief opportunities including a Paycheck Protection Program, an Employee Retention Tax Credit, a Qualified Improvement Property fix, and SBA Economic Injury Disaster Loan Grants. Thank you to our partners at the National Restaurant Association, the American Hotel & Lodging Association, and the Asian American Hotel Owners Association for their work on this package.
The application process for the Paycheck Protection Program (PPP) opened April 3rd, 2020. Consider contacting the bank where you hold your business banking account or have a current loan to learn if your bank will be participating in the PPP. Update 4.23.20 – Congress has approved and President Trump has signed into law $324 billion to replenish the Paycheck Protection Program (PPP), as well as $60 billion for the EIDL program.
On April 27, the National Restaurant Association has submitted a letter to the U.S. Small Business Administration and Congressional leaders regarding changes needed in the Paycheck Protection Program, including the effects of government mandates on loan periods, the 75 percent restriction, and the two year repayment term.
TAKE ACTION NOW
We’re not done yet. There are still more issues that need to be addressed like business interruption insurance. We still need your voice at the table to help Congress fully understand the solutions we need to mend the damage to the hospitality industry. Click these links to take action:
SURVEY REAFFIRMS CONTINUED ACTION NEEDED
The National Restaurant Association's Economics and Research team completed a second nationwide impact survey of restaurant owners and operators to provide data-driven updates on the state of the industry. Armed with this data, the association has called on Congress to enact a new “Blueprint for Recovery” to provide targeted relief for the country's second largest private sector employer. Read more:
FAMILIES FIRST CORONAVIRUS RESPONSE ACT
The U.S. Department of Labor has been issuing guidance on the Families First Coronavirus Response Act (FFCRA), effective April 1st, 2020. The legislation provides additional paid sick leave and unemployment benefits due to COVID-19. The Department of Labor has a number of helpful FAQs on their website, which can be found here.
Additional questions and answers have been provided by law firm Fisher Phillips:
If you have any questions, please reach out to Greg Astley, Director of Government Affairs, at email@example.com or 503.851.1330.