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Everything Restaurants Need to Know About the SBA Paycheck Protection Program (PPP) Loans

Last Updated 4/9/2020

The CARES Act can help your restaurant better survive the current pandemic shutdown in two important ways: 1) it can give your business the funds it needs to continue to operate, and 2) it can ensure your employees receive the financial help they need during this time of economic uncertainty. Restaurant owners feel responsible for both their business and their employees’ wellbeing, but understanding what resources are available to them is challenging. The government is still clarifying many of the finer details of the CARES Act so things may still change in the coming days and seeks. To help you, we’ve compiled a great list of resources to help you navigate this situation.

Disclaimer: We are not financing experts, but we work with hundreds of restaurants and small business owners all over the country. These resources are a collection of the best things we’ve come across that are worth sharing.

For Your Business:

As of April 3rd, 2020, businesses can apply to get access to the SBA Paycheck Protection Plan (PPP) emergency funds that were part of the CARES act signed by the President on March 27, 2020. We encourage you to apply for this program as soon as you can so you can get access to the funds your businesses can use to offset a large chunk of your payroll expenses. You have until June 30, 2020, so apply as soon as you can.

Here’s what you need to know:

NOTE: Even large banks are slow to make applying online available so keep checking. Check to see if your bank is accepting online PPP loan applications.

If you prefer to apply for the SBA’s Economic Injury Disaster Loan (EIDL) you can start by applying for the EIDL Loan Advance. This gets you up to $10,000 quickly as an advance. If you’ve already applied for and received the EIDL advance, you can still apply for the PPP Loan and roll the advance into your PPP loan so that it’s forgivable.

There are other funding options available through the SBA. We encourage you to apply for as many as you can.

Other funding ideas:

More very helpful resources:

For Your Employees:

We know you want to support your own employees as much as possible right now. You’ve likely had to lay off or dramatically reduce the hours of your employees, so here are a few resources you can share with them to make sure they get the financial help they need until you can hire them back again.

  • Send this to your employees: COVID-19 Scenarios & Benefits Available
  • As much as you can, help guide your employees through the process of applying for Sick Leave, Family Leave, or Unemployment. They really need and deserve your support.

Please feel free to contact us and we’ll help as much as we can.

Other COVID-19 Resources:

COVID-19: What Restaurants Should Post On Social Media If They’re Closed

COVID-19 Community PSA: Check On Your Restaurant People

More Resources…


Did you know?

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