APPLY FOR THE PAYCHECK PROTECTION PROGRAM TODAY – funds are available, but limited. Read below to find out more.
President Donald Trump recently signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law, making more than $2.2 trillion available to help American businesses, employees, and their families. Restaurant owners who have been impacted by COVID-19 now have several relief options available to them from the federal government. PAR is here to help you navigate the resources and solutions that are right for your restaurant every step of the way.
The Paycheck Protection Program (PPP) has the following benefits:
- forgivable loans up to $10 million for small businesses that maintain employees and comply with the CARES Act
- no SBA authorization required, thanks to an expedited application and closing process from SBA-approved lenders
- no guarantee fees, credit elsewhere tests, collateral requirements, or prepayment penalties
- deferred payments for 6 to 12 months
Important Programs and Dates
Paycheck Protection Program – use if you need capital to cover the cost of retaining employees
- Friday, April 3 – Small businesses and sole proprietorships can start applying for loans to cover their payroll and other expenses through SBA lenders.
- Friday, April 10 – Anyone who is an independent contractor or self-employed can start applying for loans to cover their payroll and other expenses through SBA lenders.
- To get started, you can access the PPP information sheet, download the Borrower Paycheck Protection Program Application, and find eligible SBA lenders in your area to send your application.
- Use this PPP Max Loan Calculator to find out how much you can borrow.
Disaster Loan Assistance – a federal disaster loan for your business, allowing you to receive funds within 3 days of your application being approved
- Any time from now until September 30 – Any business with less than 500 employees or those with over 500 employees that meet these standards can apply for an economic injury loan.
- To get started, complete the sections on this page from the SBA and refer to the COVID-19 Relief for Small Business document for more information on eligibility requirements.
Small Business Debt Relief Program – The SBA will cover principal, interest and fee payments for all non-disaster SBA loans for 6 months and for anyone who takes out a new SBA, 7(a), 504, or microloan within the next 6 months.
See the full list of coronavirus assistance provided by the US Small Business Administration’s loan resources page.
Additional Help for You and Your Employees
Unemployment Benefits Finder – Your employees can use this tool to find out how to apply for unemployment benefits in their state.
Families First Coronavirus Response Act – New guidelines issued by the Department of Labor to address COVID-19 related medical leave.
Check Back with PAR for Continuous Updates
PAR created the following pages dedicated to helping your restaurant and employees navigate this challenging environment – visit these resources to stay updated:
- Get help with your loan application
- Learn if your restaurant qualifies as a small business
- PAR has a COVID Relief Hotline: Call 1-680-200-9911 to voice your requests and other inquiries.
- Find out how your restaurant can quickly implement digital ordering.
- Use this Brink Deactivation Form if you are a Brink customer and your restaurant has closed permanently.
- For more questions, fill out the customer request form in the middle of the COVID-19 Response main page.
- Map of COVID-19 Restrictions for Restaurants in Each State
- Contactless Solutions for On-Premise Mobile Ordering
- Tips for Setting Up Virtual Drive-Thrus and Kiosks
- How Your Restaurant Can Quickly Adapt to Delivery-Only
- A Letter from PAR’s CEO
- Tips for Cleaning POS Terminals, Drive Thru Headsets and Fingerprint Readers