CHARLESTON, S.C. (WCBD) – New stimulus bill will also include funding that can benefit restaurants and hotels, including those severely impacted here in Charleston.
The bill will include a second round of access to the paycheck protection program, aimed to helping struggling restaurants and to help make up some of that lost revenue.
The relief aimed at helping restaurants would provide a business with a forgivable loan that is based on two and a half times that businesses monthly payroll costs.
Restaurants can seek forgivable loans based on three and a half times their monthly payroll costs.
Companies that have 300 or more employees at all locations combined are deemed ineligible for the PPP.
Other provisions that will benefit the hospitality industry include the deductibility of business expenses paid with PPP loans, enhancement of the employee retention tax credit, extension of the augmented work opportunity tax credit, and more.
Lots of restaurants in Charleston have expressed the need to keep bars open past that 11 o’clock hour, arguing that is where they are losing most of the revenue.
Gov. McMaster is expected to make a decision on Wednesday as to whether he would keep that curfew in place.