Eastern Union Helps Hotels and Restaurants Apply for ‘Enhanced’ PPP Funding
This week, Eastern Union encouraged restaurants, foodservice and hotel sector employers across America to apply through it for an enhanced level of loans under the second round of the federal Paycheck Protection Program (PPP). The real estate finance firm brokered more than 10,000 PPP loans during the Spring 2020 round of funding.
According to Eastern Union, the new PPP guidelines give the foodservice and hotel sectors added financial relief at a level of 40% above other business categories. Applicants were able to apply for loans at a level of 2.5 times their average monthly payroll in the first round, but the number has been raised to 3.5 times the average monthly payroll for employers in the restaurant, foodservice and hotel industries.
“Foodservice firms and hotels should act quickly to tap into this higher level of federal assistance,” Eastern Union President Ira Zlotowitz advised. “But there’s only finite funding available. Millions of businesses will apply for this limited pool of loans. The sooner employers begin filing applications, the better their odds of being funded.
“Even if businesses don’t have complete paperwork in hand, it’s critical to initiate the pre-application process now to get ahead of the pack,” he continued. “Building upon Eastern Union’ formidable record of success in brokering thousands of PPP loans during the first round, businesses should act to get their loan applications into the system.”