The pandemic has undoubtedly been difficult for every industry across the board, however, restaurants have been hit the hardest by far. When your business revolves around bringing people together for delicious meals and great conversation, a pandemic forcing your patrons to stay home and isolate themselves is the last thing you need.
When President Joe Biden entered office this January, he was adamant about providing specific assistance for restaurants in the American Rescue Plan, the largest stimulus package in history.
According to the Small Business Administration (SBA), this fund contains about $28.6 billion in grants. These funds are distributed as grants, not loans, so no payback is required. These grants can provide up to $10 million per company, however there are limits of course.
This application process opened in early May and forgive the pun but the funds began to go like hotcakes. The SBA recently released an update that the amount of funds requested was currently higher than the entire budget.
Despite the high demands for funds, the smallest of businesses should not lose hope. According to the SBA, there is still $220 million available for restaurants that reported annual revenue of $50,000 or less in tax year 2019.
This funding can be used for business payroll costs, mortgage and rent payments, utility and maintenance expenses, expanding outdoor seating, supplies and supplier costs , and operating expenses. Thankfully, this is a very wide scope!
When is the deadline for applying?
This is vital information, time is truly running out. The deadline to apply for this program is Monday, May 24 at 8PM ET. As this is only days away, it’s time to submit your application ASAP. Currently the SBA is only accepting applications from the smallest restaurants with $50,000 in annual revenue in 2019.
This could be a great funding opportunity for small restaurants, breweries, food trucks, and other small food and beverage businesses.
How to Apply
You can apply directly through the Small Business Administration using this link. You can also apply through your Point of Sales (POS) provider if they are SBA approved, for example Square and Oracle.
Restaurant Payroll and How it Works
Saving on overhead costs and increasing efficiency is crucial for the restaurant industry right now, it can be the difference between long-term success and shuttering your business. One of the most important things you can do as a small restaurant owner, is to set up a simple and user friendly restaurant payroll software.
PayWow was created with this in mind, we know that you wear many hats as a business owner, but there is no need to take off your chef’s hat to become a payroll professional, that’s our job!
With PayWow you can easily onboard new employees and manage their wages. Your employees can use PayWow to report their tips directly to you for seamless integration into your payroll. There is even a time clock feature where you can manage your employees’ time off and attendance. All this can be done from the web or our mobile app.