Information you need about forgivable loans

By March 31, 2020 Uncategorized


Are you aware of the small business relief funds available from the CARES act and the SBA? Amazing programs are available for you today that can help your restaurant survive or even thrive during this difficult time. Consult with your attorney today to see how you can best take advantage of these opportunities.

Quick takeaways from the program, please consult your attorney and accountant to see how this can directly apply to you!

  • How  your business can get access to free money from the just passed CARES Payroll protection act with SBA loans
  • Go to NAICS web site and choose your classification that must start with 72 ( )
  • Your business will be able to get a low interest loan with no closing costs from your current bank for 2.5 times your average monthly payroll over the past year
  • Once your business receives the approval for the loan, you will have 8 weeks where you can spend money on:  rent or mortgage payments, payroll including taxes and benefits,  and utilities
  • Our interpretation is that you could open for carry out for 8 weeks or wait until you get close to opening to take the loan and then your first 8 weeks of reopening will be done with free rent and free labor and free utilities.
Review the link below to see how this can impact your business!


Link to full resources:

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