With Predicted State Budget Surplus, Businesses Plea For PPP Loan Tax Forgiveness

MINNEAPOLIS (WCCO) — For Stephanie Shimp’s seven restaurants currently operating, a forgivable loan from the federal government to help pay their bills was a “lifeline.”

“There’s no way we would be here without it,” Shimp said.

The Paycheck Protection Program loan of nearly $4 million that Blue Plate Restaurant Company received last year was about 10% of the company’s typical annual revenue.