This week, the Treasury Department revealed that a PPP loan forgiveness decision would be coming in the next few weeks. The Small Business Administration has recieved over 96,000 applications for loan forgiveness and banks have complained of the slow approval process while restaurant owners have been waiting for months.
But there is hope. A Treasury Department spokesperson told sister site Nation’s Restaurant News on Wednesday that the Small Business Administration and Treasury “anticipate PPP loan forgiveness decisions and payments to begin flowing late this week or early next week” as part of the next phase of the relief program.
Meanwhile, over at the House of Representatives, the HEROES Act was introduced by the House Democrats. This relief bill contains over $120 billion in funds for independent restaurants recovery as chains are excluded from the restaurant funding.
The legislative hits kept coming this week with the U.S. representatives asking the Federal Trade Commission to probe third-party delivery operators, California signed a bill preventing delivery drivers from delivering food without the restaurant's consent, Indiana and Florida announced restaurants could return to normal capacity and Ohio's Govenor Mike DeWine received a bill at his desk to make cocktails to-go legal.
See those trending stories and more from this past week on Restaurant Hospitality.