Fort Worth Chef Tim Love visited the White House Monday, with an optimistic vision for President Trump and a few requests.
Love asked Trump to project restaurants are safe. “And that it is great to go out, and our economy is going to be great again,” Love, who visited the White House with other restauranteurs, told Trump. “Because we know where it was before it started. We know how to get there.”
Love, whose company received a Paycheck Protection loan, asked Trump to make a “couple of adjustments” to the federal Paycheck Protection Program. First, loan proceeds under the PPP are allowed to be used to cover payroll and other expenses over an eight-week period after the loan is originated. By meeting certain provisions, the loans are foregiveable. Love noted that restaurants are having to reopen gradually, and that PPP proceeds would be more useful to them as they return to full operation.
“We’re not asking for more money,” Love, who said he’s rehired 80 percent of his 490 employees so far, told Trump in a White House video. “We’re just asking for the opportunity to spend it the way we want to spend it. The way it was intended. To be able to take care of our employees when we’re able open up. That’s it.”
Trump responded, “that should be easy. That’s like one of the easiest requests I’ve ever heard.”
“That leads me to my next request,” Love said, with the room breaking into laughter. A maximum 25% of the forgivable loan amount may be for non-payroll expense. Love noted that many restaurant owners operate in much more expensive lease markets than Texas.
“I know that it’s tough,” Love said. “They need the ability to spend the money on rent if necessary, as long as they’re hiring their employees back.”
The changes don’t require any extra money for your administration, from Congress,” Love said. “I think you can get a lot of people in our industry to get behind you, just to show that confidence."
Trump said, “I think we will.”
