10 Things Restaurants Need to Know About Applying for a Paycheck Protection Plan (PPP) Loan

As the restaurant industry reels from the effects of the COVID-19 pandemic, many await their due from the CARES Act – the $2.2 trillion relief package meant to stimulate and safeguard the economy through social distancing.

$349 billion of that package was allocated to the small business association (SBA) to distribute as loans to small businesses – like restaurants and bars – that are affected by the shelter-in-place rules.

The Payroll Protection Program (PPP) is intended to help you cover expenses related to your payroll, including wages, salaries, and benefits. It’s supposed to help tide over small businesses like restaurants who cannot normally operate during the lockdowns.

There’s a long way to go from eligibility to getting a loan, and a lot of different (and sometimes conflicting) information out there. Getting the help you and your employees need shouldn’t be as scary as the pandemic: here are ten things you need to know to apply for a PPP loan.