Update: The House has passed the PPP extension bill. Small businesses will have until August 8 to request PPP loans.
Hours before the Paycheck Protection Program was set to expire, it was extended by five weeks through a unanimous Senate vote.
The extension came in large part because $140 billion that could have been issued to small businesses is still available.
Nearly one month ago, the Senate voted unanimously to fix the PPP by passing the Paycheck Protection Program Flexibility Act. That act extended about $520 billion in loans.
With recess for Congress and Senate on the horizon—the House of Representatives will need to pass the PPP’s extension bill quickly so it can be signed into law (see update). Given the unanimous support for the extension, it’s all but certain the president will sign it.
The PPP is operated by the Small Business Administration. In turn, the SBA falls under the purview of Treasury. Secretary of the Treasury Steve Mnuchin, during testimony given before the House Committee on Financial Services yesterday, signaled interest in earmarking the remaining $140 billion of the PPP for restaurants and hotels.
The fact that several high-profile politicians are recognizing the need to save restaurants and other hospitality industry businesses is promising. Of course, hope isn’t a strategy—we need real action to be taken on behalf of the hospitality industry, and quickly.
The National Restaurant Association (NRA) has called on the federal government to provide $240 billion in aid to restaurants. The Independent Restaurant Coalition (IRC) has asked for $105 billion in aid from the government.
Take action today! Click here—it only takes a moment to #SaveTheRestaurants
I’ve been studying and writing about the hospitality industry since 2006. Like so many people, I started my journey in this business by working as a host, server and bartender. I was introduced to nightlife in Chicago, learning the ins and outs of nightclubs and after-hours hot spots.
After moving to Las Vegas nearly 20 years ago, I both co-owned a valet company and helped promote the club it serviced. That led to me taking on the role of editor for a Las Vegas hospitality industry publication.
A few short years later, I continued along my journey of hospitality industry reporting. I went from contributing to a major industry outlet to taking on the role of editor and content curator.