6/5/20 Update
LEAD NEWS - Paycheck Protection Program Flexibility Act Signed by President Trump
 
Earlier today, President Trump signed the Paycheck Protection Flexibility Act into law. Thank you again for all of your efforts over the past several weeks to advocate for these important changes.

VRLTA is pleased that this bill will make a number of retroactive improvements to the PPP, including:
 
  • 24-week covered period (instead of 8)
  • 60/40 split (instead of 75/25)
  • Loan forgiveness still possible if FTEs won’t come back, or if revenue in December is below Feb 2020 levels.
  • Five year loan-repayment terms for future PPP loans
  • Payroll tax deferment restored
 
While the legislation extends aspects like the 24 week period, June 30 is the final day for those who have not previously received a PPP loan to be issued one, so if you are still interested in pursuing a loan, don't delay. 
 
The National Restaurant Association analysis of how the bill changes PPP for current users can be  found here
Continue to visit https://www.virginiaisforrestaurantlovers.com for updated information.