TouchBistro today announced that it has teamed up with Lendio to make it easy for U.S.-based restaurants to apply for the Paycheck Protection Program (PPP) loan, which is backed by the Small Business Administration (SBA). Lendio is the largest small business loan marketplace in the U.S. and has experience issuing emergency and standard loans to more than 100,000 small businesses. By partnering with Lendio, TouchBistro is helping restaurants access funds faster to keep their businesses operational during the COVID-19 pandemic. Restaurants can find more information on the loan application process, review the criteria required, and apply for the PPP loan via the new TouchBistro Restaurant Recovery Navigator, which was launched last week.
The US CARES Act (Coronavirus Aid, Relief and Economic Security Act) was created by the U.S. federal government to address the economic impact of COVID-19 on small businesses. As part of this bill, USD$349 billion was allocated for small business loans through the PPP. In addition to payroll, a PPP loan can be used by restaurants to pay for rent, utilities, and mortgage interest. Restaurants that have fewer than 500 employees and have been operational/paying payroll taxes as of February 15, 2020 are eligible to apply.
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