SBA Payroll Protection Program Help for Restaurants
My Restaurant CFO can help you.
As a restaurant owner, you have a lot to contend with at the moment so we hear to help you get your financial statements in order so you can apply for the Small Business Association’s Payroll Protection Program. Our goal is to help you maximize your loan amount and ensure that there are no errors that could slow down the process.
The SBA PPP Forgiveness Documentation
The SBA has released the offical PPP loan forgiveness application for all businesses that took part in and received funding. If you require help completing this form let us know, we are here to help.
Small Business Administration eligibility requirements for Paycheck Protection Program
- The Business, or any of its owners, cannot be presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy.
- The Business, any of its owners, or any business owned or controlled by any of them, cannot have ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government.
- The applicant(s) cannot be presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or presently incarcerated, on probation or parole.
- Within the last 7 years, for any felony or misdemeanor for a crime against a minor, the applicant cannot have: 1) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been placed on any form of parole or probation (including probation before judgment).
- The applicant(s) must be a US citizen or have Lawful Permanent Resident status
Please note, you may still qualify for other relief efforts provided by the SBA
How much can I request?
Please refer to the guidelines on the U.S Treasury’s Website on Assistance for Small Businesses
Will this loan be forgiven?
If approved, the amount of loan forgiveness is equal to the amount spent on the following items during the 60 day period beginning on the date of the origination of the loan:
- Payroll costs
- Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
- Business related mortgage interest payments (not principal), lease payments, utility payments
- Interest on any other business debt obligations that were incurred prior to February 15, 2020
The amount of loan forgiveness is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees during the period from February 15, 2020 through June 30, 2020. It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.