The U.S. hospitality industry, including restaurants, has received more than $18 billion in loans from the latest round of PPP, according to the Small Business Administration, reports Restaurant Business. This represents about 18 percent of the nearly $101 billion that has been loaned since the program began in January, the most received by any industry so far in 2021.
According to the SBA, the average loan across industries is $78,000, with about 70 percent of the loans amounting to less than $50,000. In addition, many businesses that have previously borrowed money under the program are securing loans that are about three times the amount of first-time loans. Full Story
Related: IRS: Companies Can Get Tax Credit Despite Not Getting PPP Loan Forgiveness; Restaurant Workers Celebrate Biden's Plans to Support Industry.