In review of 2020, the National Restaurant Association found that the industry ended the year $240 Billion below pre-pandemic forecasts of sales. Because of this outsized impact, restaurants have received additional industry specific funding from Congress as part of the American Rescue Plan Act to help get them closer to becoming whole. This grant will be available directly through the Small Business Administration. They just announced their “Go Live,” of the application portal found here.
Topics: Business Planning & Operations
An important provision of the CARES Act, the Paycheck Protection Program (PPP) received an additional $310 billion in funding from Congress on April 24, 2020, after running out of the $349 billion in funds in the initial tranche. With a massive $659 billion in total funding, the program offers loans that have the possibility of being completely forgivable, if spent in the way the government has mandated.