To ensure that eating and drinking places can successfully achieve Paycheck Protection Program loan forgiveness, the National Restaurant Association is hosting a webinar at 2 p.m. Tuesday.
The webinar will feature Bill Briggs, a former U.S. Small Business Administration official, and Aaron Frazier, the director of health care and tax policy for the National Restaurant Association.
The discussion will focus on the essential steps to ensure restaurants are not burdened with more long-term debt, including:
- What top lenders and banks are looking for when approving PPP forgiveness;
- How to prepare a forgiveness application for first and/or second draw PPP loans;
- When SBA expects businesses to apply for second draw PPP loans.
Restaurants and hotels received $81 billion in PPP loans in 2020 and 2021. While these emergency loans helped sustain many small businesses and their employees during the COVID-19 pandemic, loan forgiveness is essential to ensure restaurants are not burdened with more long-term debt.