Learn more about Dr. Emily Williams Knight here.
- CARES Act and how it works
- The purpose of hope and setting dates
- The restaurant industry is a 3-5% profit margin industry, we cannot survive on savings
- The June 1st deadline is unrealistic
- The industry needs a government plan to carry them through December AT LEAST
- Workers are incentivized to stay home for health, safety, and more money from unemployment (because of tips) but the CARES Act encourages employers to rehire staff by a certain date; these two mechanics conflict; it doesn't work.
- Many small businesses cannot access PPP loans
- With a PPP loan there is: no personal guarantee, no collateral, no test elsewhere which speeds up the process but limits options
- Before making decisions, talk to your accountant
- EIDL (Economic Injury Disaster Loan) loans are available as well
- Every state has a Restaurant Association that can help you specifically
- CARES Act is federal, it applies to all states
- If you opened your business after February 1st you are not eligible for PPP loans but you are eligible for a small business loan
- Your fear of changing your business model should be gone now, take this opportunity to improve your business
Resources mentioned in this Chronicle: