{"id":34444,"date":"2020-04-07T12:12:37","date_gmt":"2020-04-07T16:12:37","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=34444"},"modified":"2021-09-21T10:40:58","modified_gmt":"2021-09-21T14:40:58","slug":"covid-19-restaurant-relief-options","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/covid-19-restaurant-relief-options\/","title":{"rendered":"COVID-19 Restaurant Relief Options"},"content":{"rendered":"

\"COVID-19According to the National Restaurant Association<\/a>, the restaurant industry has lost more than 3 million jobs and $25 billion in sales since March 1. And, roughly 50% of restaurant operators anticipate having to lay off more people in April. The situation out there is dire for so many but don\u2019t give up. There are relief programs out there. Here are just a few that may be able to help your restaurant.<\/p>\n

Restaurant Employee Relief Fund<\/strong><\/p>\n

The National Restaurant Association Educational Foundation has devised the Restaurant Employee Relief Fund<\/a> to help the restaurant industry employees through hardships during the COVID-19 outbreak. Providing this information to your employees who had to be let go or are experiencing a decrease in wages will be incredibly beneficial to them and to you.<\/p>\n

Paycheck Protection Program <\/strong><\/p>\n

The Paycheck Protection Program  (PPP) is a part of the CARES Act that the federal government signed into effect on March 27, 2020. This plan will provide low interest rate loans for cash flow assistance for small businesses to keep their workers on payroll. Employers can borrow up to 2 and \u00bd times their average monthly payroll for 2019.  There are no payments for a minimum of 6 months and up to a year. The SBA will forgive the portion of the loan spent on payroll, rent, mortgage interest and utilities over an 8-week period after obtaining the loan.  There are a few stipulations for loan forgiveness and proper use of funds.  You should consult your accountant on the forgiveness rules along with other stipulations. Applications are now being accepted by most banks and credit unions and will be available through June 30, 2020.<\/p>\n

Economic Injury Disaster Loan<\/strong><\/p>\n

The U.S. Small Business Administration<\/a> is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. The Economic Injury Disaster Loan (EIDL) offers up to $2 million in assistance to support your restaurant during this time. In addition to this loan, you can apply for the Economic Injury Disaster Advance Loan. This is an additional $10,000 to provide relief during your temporary loss of revenue. These funds will be available within three days of a successful application and this loan advance will not have to be repaid.    If you obtain an EIDL, you can also apply for a PPP Loan but your loan amount will be reduced by the amount of the EIDL.<\/p>\n

The James Beard Foundation Food and Beverage Industry Relief Fund<\/strong><\/p>\n

The James Beard Foundation<\/a> created a relief fund to provide assistance to small, independent restaurants due to the impacts of the COVID-19 pandemic. While they have temporarily suspended taking any applications at this time, they will be working on opening them back up.<\/p>\n

USBG National Charity Foundation <\/strong><\/p>\n

The United States Bartenders\u2019 Guild has created a foundation to serve the bars and bartenders impacted by COVID-19. You don\u2019t have to be member of USBG to apply for this grant. To learn more about this program visit their site<\/a>.<\/p>\n

We know this is tough times for everyone but there is still a lot of good out there. If you need help locating the best assistance for your restaurant, let us know<\/a>. We will do everything we can to help you get through this.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the National Restaurant Association, the restaurant industry has…<\/p>\n","protected":false},"author":5,"featured_media":34445,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[128,690],"tags":[398,402,400,399,443,386,548,550,558,549,535,220,553,213,345,116,173,536,117,516,493,401,224,222,172,226,142],"class_list":{"0":"post-34444","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-day-to-day-business-operations","8":"category-restaurant-financing","9":"tag-affordable-business-loans","10":"tag-affordable-small-business-growth","11":"tag-business-expansion","12":"tag-business-growth","13":"tag-business-line-of-credit","14":"tag-business-loans","15":"tag-coronavirus","16":"tag-covid-19","17":"tag-covid-19-restaurant-relief-options","18":"tag-covid19","19":"tag-equipment-leasing","20":"tag-flex-pay-loans","21":"tag-hashtags","22":"tag-line-of-credit","23":"tag-restaurant-expansion","24":"tag-restaurant-financing","25":"tag-restaurant-funding","26":"tag-restaurant-leasing","27":"tag-restaurant-loans","28":"tag-restaurant-trends","29":"tag-small-business-blog","30":"tag-small-business-expansion","31":"tag-small-business-financing","32":"tag-small-business-funding","33":"tag-small-business-growth","34":"tag-small-business-loans","35":"tag-working-capital"},"acf":[],"yoast_head":"\nCOVID-19 Restaurant Relief Options - ARF Financial<\/title>\n<meta name=\"description\" content=\"COVID-19 Restaurant Relief Options- There are relief programs out there. 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