Restaurants and retail owners struggled with PPP loans. But a fix may be on the way.
By Andy Medici
– Senior Staff Reporter, Washington Business Journal
May 27, 2020, 1:59pm EDT
Updated May 28, 2020, 2:46pm EDT
Legislation to overhaul the Small Business Administration’s Paycheck Protection Program — and make its numerous provisions friendlier to restaurants and retail shops in particular — passed the House of Representatives Thursday.
The bipartisan Paycheck Protection Flexibility Act, introduced last week by Reps. Chip Roy, R-Texas, and Dean Phillips, D-Minn., would extend the eight-week period under which loan recipients could spend the PPP money while helping fix other details that continue to bedevil small businesses in the hospitality realm. Some of those businesses, which often entail higher overhead costs and lower salaries, have struggled to rehire employees because their operations... Read More