Thousands of businesses struggling to keep their doors open despite the pandemic will now be able to access federal loans from the Payroll Protection Program (PPP), which was extended through May 31 by the Senate.
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The program aims for small businesses to keep their businesses open and continue to pay employees’ payroll, in the face of the adverse effect of the pandemic.
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It is also an endorsement for entrepreneurs to attend to the operational costs of rent and the eviction moratoriums due to the absence of payments.
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According to a survey by the City Hospitality Alliance, help is more important than ever. 46% of businesses interviewed said they probably will not survive the pandemic without financial help from the government and policies such as cancellation of rent.
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The Alliance understands that “continuous and concerted effort at all levels of government” is necessary for the industry to revive and open paths with the possibility of financial recovery.
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The new PPP requirements allow homeowners with criminal records and non-citizen legal resident homeowners, among others, to apply for loans. However, they still exclude business owners who are undocumented.
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