By Florida Restaurant & Lodging Association (FRLA) Contact
The U.S. Small Business Administration (SBA) this week released updated FAQs for the Paycheck Protection Program (PPP) as well an updated Interim Final Rule (IFR). The FAQs are updated to address a number of scenarios related to the PPP Second Draw program and other specific eligibility scenarios.
AHLA continues to push for additional clarity on situations related to multi-property ownership groups who received a single First Draw PPP loan and are seeking individual per-property Second Draw loans as well as other issues. As of February 28th, PPP had lent out $156b of the total $284b authorized for the program. The program will reopen for all businesses after March 10th, following the two-week period where it is only open to businesses of fewer than 20 employees. Qualifying AHLA members are encouraged to seek PPP funding as soon as possible prior to the program’s end on March 31st.