Help Is Still Available For Restaurants
Chances are, your restaurant has been impacted by the COVID-19 pandemic. Maybe you had to shut down your restaurant entirely for a significant amount of time, or you had to change how your restaurant operates to ensure survival. Then you finally got to go back to some sense of normalcy and open your dining room to diners, only to be hit with new orders to limit capacity or even shut down again. With all these ebbs and flows in the restaurant industry, the uncertainty may be weighing in more than ever. But don’t give in yet. Help is still available for restaurants along with groups that are advocating for specific help for the restaurant industry. Here’s who is still on your side.
NRA’s Blueprint for Restaurant Revival
The National Restaurant Association released its policy and legislative plan that they are advocating to be brought to fruition to bring much-needed relief to the restaurant industry. They outlined the highlights of their Blueprint for Restaurant Revival plan that aims to do just that. Get in touch with your local chapter to see how you can help support this effort to give the restaurants the aid they need.
Paycheck Protection Program
The Paycheck Protection Program was supposed to stop taking applications on June 30, 2020, but after some fast legislative approvals, the program was reinstated on July 4th and the deadline was extended to August 8. If your restaurant was able to make it through the first round of closures and didn’t need to take advantage of this program, but new closures are taking a toll of business, you still have this option available. The PPP is a potentially forgivable loan if funds are used properly under the guidelines for the loan.
The House passed the HEROES Act in May, which includes new rounds of stimulus checks, hazardous pay for essential workers which includes food production workers, an extension of unemployment benefits that are currently set to run out on July 31st, and assistance to farmers to help this side of the food industry bounce back from any disruptions. While none of these seem to directly aid the restaurants, they do so in their after-effects. Stimulus checks and hazardous pay will help your employees who were laid off or continued to work during the pandemic. Assisting the farming industry will allow the farmers to get their prices back under control and not have to push higher costs to the restaurants, who have to pass it on to their customers. And, continuing the unemployment benefits will give your employees who still aren’t able to return to work the means they need to get by until you can reopen. This bill is still in negotiation in the Senate, so there may still be a clause added for the restaurant industry as well.
Yes, we’re still here for you too. We have been providing the restaurant and hospitality industry with the financing they need since 2001 and we’re not stopping now. If your restaurant has been able to turn this lemon into lemonade and find ways to thrive, now’s the time to continue your growth and capitalize on this opportunity. Expanding your outdoor dining, moving to a more prime location, or revamping your kitchen to be more efficient are all great investments to consider. If you’re ready to get started, complete an online application today to receive your instant quote. We promise to be with you every step of the way.
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