Another round of Covd-19 relief has been approved by the federal government, allowing hard-hit restaurant and bar owners to apply for second-draw Paycheck Protection Program (PPP) Loans.
Food Service Industry Paycheck Protection Program Options
Restaurant owners who were forced to close their doors or seriously restrict services have been especially impacted throughout the pandemic. New rules for second draw allow food service business owners to receive an increased PPP loan amount totaling up to 3.5 times payroll, providing a critical lifeline.
Restaurant owners: submit your PPP Loan application using our secure online lending platform.
Restaurants have seen drastic losses, and another round of Paycheck Protection Program (PPP) Loans are now available for these distressed small businesses nationwide. Many small business owners have already benefited from the favorable forgiveness rules and are able to take a second draw from PPP Loan funds.
Approved PPP lender Liberty SBF is now accepting applications from restaurant and bar owners through its secure, customized Paycheck Protection Program Loan portal, which can process and approve applications quickly and efficiently.
Liberty SBF is an Approved PPP Lender for Restaurants & Bars
As a non-bank lender with over 10 years of experience providing low-cost capital to small business owners, Liberty SBF facilitated over 3,200 loans in the sum of more than $350 million in the last round of Paycheck Protection Program lending. The company has extensively invested in new resources and hired back office staff to process thousands of PPP loan applications per day.
Restaurants & bars can apply for a PPP Loan if:
- Gross receipts declined by 25% in any quarter of 2020, versus the same quarter in 2019
- The site was open for business by February 15, 2020 (except seasonal employers)
- The business has fewer than 300 employees per location
- The organization is not a publicly traded company
About the new round of PPP Loan relief: The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act authorizes up to $284 billion toward job retention and certain other expenses through March 31, 2021 and allows borrowers to apply for a Second Draw Paycheck Protection Program Loan. Many businesses who already received a Paycheck Protection Program Loan will be eligible for a second draw. Those small business owners who missed out on PPP Loans the first time can still get a first draw loan in this next round.
Similar to first draw, second draw PPP Loans are on a first come, first served basis, so restaurants and bars should apply as soon as possible to secure funding.
Click here to begin your PPP Loan application.