Speaking out for PPP Improvements
On August 3, association EVP Sean Kennedy wrote to bipartisan leaders on Capitol Hill to share restaurants' views on vital Paycheck Protection Program (PPP) improvements. Click here to read why tax deductibility changes are essential and click here to read why and PPP eligibility changes are essential to help restaurants recover.
Blueprint for Restaurant Revival
The "Blueprint for Restaurant Revival" outlines specific and immediate action the federal government can take to help restaurants and employees confront and overcome the lingering COVID-19 crisis. The National Restaurant Association Blueprint for Restaurant Revival will help restaurants of every size and operational model in every community across the country—an industry that pre-COVID counted over one million locations—and more than 15.6 million employees, the second-largest private sector employer.
In response to devastating new survey findings, on April 20, the Association sent a Restaurant Industry Blueprint for Recovery to Congress. The Blueprint sets out a specific action plan that creates a targeted relief plan for the nation’s second largest private sector employer. It outlines several specific ways Congress can improve the outlook for the industry’s survival. For an industry with sales that exceed the agriculture, airline, railroad, ground transportation, and spectator sports industries combined, a restaurant relief and recovery program is desperately needed. Read the Association’s Restaurant Industry Blueprint for Recovery here.
House Votes to Pass PPP Fix
On June 5, the Paycheck Protection Program (PPP) Flexibility Act became law and enacted important changes for restaurants accessing PPP loans.
Restaurants, state restaurant associations, and the Association successfully fought for these updates, which include: extending the covered period from eight weeks by an additional 16 weeks; adjusting the “75/25” rule on payroll/non-payroll expenses for forgiveness to 60/40; and, expanding loan terms from two years to five years for new loans, and other improvements.
The Association appreciates the bipartisan commitment to improve small business programs and the leadership of U.S. Representatives Dean Phillips (D-MN) and Chip Roy (R-TX) to craft these changes. Click here to view a document explaining how the bill makes changes to the PPP program benefitting restaurants.
Families First Coronavirus Response Act
The recently enacted “Families First Coronavirus Response Act” (FFCRA) went into effect on April 1, 2020 and will expire on December 31, 2020. The Act created two temporary leave programs – Emergency Paid Sick Leave (EPSL) and Emergency Family and Medical Leave Expansion (EFMLE) – that require private sector employers with fewer than 500 employees to provide leave to employees impacted by COVID-19.
Click here to download an overview of FFCRA’s key components, definitions, requirements, and enforcement information.
CARES Act Update
On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the single largest economic relief package in U.S. history at $2.2 trillion. Included: $300 billion in direct payments to individuals earning less than $99,000 annually, up to $3,400 per family of four; $350 billion in loans for small businesses with loan forgiveness provisions; and $250 billion in enhanced unemployment insurance. More than 300,000 individuals joined in the National Restaurant Association's grassroots campaign to ensure the restaurant industry, acknowledged as the most hard-hit by the coronavirus crisis, was heard as the legislation was shaped.