PPP Flexibility, Free Reopening Resources and HungerForce

In this edition of MRM News Bites, we feature the latest on PPP loans and newest tech and products to help restaurants on the road to recovery.PPP Goes FlexiblePresident Trump signed H.R.7010 - Paycheck Protection Program (PP) Flexibility Act of 2020 which extends provisions of the act to give more time to both use and pay back the funds.

Key takeaways include:

Borrowers  now have 24 weeks to use the funds instead of eight. (Borrowers who have loans can still use the eight-week rule.) The minimum amount  used for payroll is reduced to 60 percent from 70 so there is more for rent, etc. For new loans, the pay back term for non-forgiven debt is extended to five years from two. The minimum amount  used for payroll is reduced to 60 percent. The deferral period is now one yearWhen the house passed the legislation earlier, the National Restaurant Association Executive Vice President of Public Affairs Sean Kennedy said,

“Restaurants have suffered more job and revenue losses than any…