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Paycheck Protection Program

a statue in front of a building

The NYC Hospitality Alliance successfully advocated with organizations around the nation for the Paycheck Protection Program (PPP) loans/grants. While the well-intended original PPP was very helpful to businesses around the country, it didn't work for the hospitality industry, and we successfully advocated with Senator Schumer and the New York Congressional Delegation to pass the PPP Flexibility Act, which included several improvements for the hospitality industry such as: Extending the expense forgiveness period from eight weeks to 24 weeks; Reducing the payroll ratio requirement to 60% from 75% for forgiveness; Increasing the loan repayment period from two to five years; Allowing payroll tax deferment for PPP recipients; And, extending the June 30 rehiring deadline.