PPP FORGIVENESS RESOURCES

Businesses can now use Payroll Protection Plan (PPP) loan funds from 8-week to a max 24-week period and the covered period for the loan was extended until December 31,2020. Click here for more information on program changes enacted by the Payroll Protection Program Flexibility Act, passed June 5, 2020.

READY TO APPLY FOR FORGIVENESS

The Small Business Administration (SBA) has released several updates restaurant owners should be aware of as they prepare to apply for loan forgiveness.

SBA released a PPP EZ loan forgiveness application. A business is eligible to fill out the EZ Forgiveness Application if they meet one of the following criteria.

You are self-employed and have no employees;
You did not reduce the salaries or wages of your employees by more than 25% and did not reduce the number of hours for your employees; or
You experienced reduction in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of your employees by more than 25%.

If a business does not meet one of the above requirements, a regular Loan Forgiveness Application will need to be completed. PPP Forgiveness Application (English Version/En Espanol)

CONTACT YOUR LENDING INSTITUTION

All PPP forms should be submitted to a PPP lender. Businesses need to check with their lending institution for additional submission instructions.

Additional document's needed may include:

Payroll records
Receipts and agreements for approved non-payroll costs (mortgage interest, rent, utilities)
Other documents deemed necessary by the SBA

Click here for more information from SBA on loan forgiveness details.

@2023 Restaurant Association.

The Latino Restaurant Association promotes, supports and educates restaurateurs and small business owners to ensure the equitable economic growth of the Latino restaurant sector across Los Angeles.