Adjust PPP Round 1 Forgiveness Period
Some restaurants and nightlife establishments that received a Round 1 loan from the Paycheck Protection Program “PPP” were unable to meet the loan forgiveness requirements within the 8-24 week covered period because their operations were closed or severely limited by government restrictions and had few customers - many, but not all, rely heavily on office workers and tourists who still haven’t fully returned to New York City.
There’s now a campaign underway, in which we’re urging the federal government to modify the rules on Round 1 PPP loans for recipient businesses whose operations were restricted, had little business, and were unable to meet the loan forgiveness requirements. These businesses want the ability to select a new 8-24 week covered period so they have an opportunity to receive PPP loan forgiveness.
If you need a new 8-24 week covered period in order to receive Round 1 PPP loan forgiveness, we are fighting for you!