Yes! The Federal Government, through the SBA, has extended additional help to restaurants and hotels, arguably the most devastating industries in this COVID economy. The NAICS Sector 72 includes both accommodation and food services establishments because the two activities are often combined at the same establishment. The Accommodation and Food Services sector comprises establishments providing customers with lodging and/or preparing meals, snacks, and beverages for immediate consumption.
For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector, the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. This means that many restaurants will receive higher funds amounts than other businesses. They have been hit the hardest but government-imposed shutdowns. For second draw details visit the SBA link here.
Excluded from this sector are civic and social organizations; amusement and recreation parks; theaters; and other recreation or entertainment facilities providing food and beverage services.
To search the NAICS online database visit NAICS Sector 72
A NAICS (pronounced NAKES) Code is a classification within the North American Industry Classification System. The NAICS System was developed for use by Federal Statistical Agencies for the collection, analysis, and publication of statistical data related to the US Economy.
Most borrowers seeking a second round of PPP funding are eligible to apply through smaller and community banks starting Wednesday, January 13. Other hotels and restaurants are eligible to apply through their financial institutions at a later, to be determined date.
If you would like to get a jump on the process and view the Borrower Application, then follow the link.
For information regarding NAICS 72 business, visit the US Bureau of Labor and Statistics for the NAIC 72 classifications.
For those restaurants seeking to add outdoor patio furniture to accommodate patrons then we encourage you to visit outdoorrestaurantseating.com and call our experts today at 610-674-3122. Our team understands the furniture industry and how to get you the best deals on tables and chairs while saving on freight costs in the shortest amount of time.