You are here

Federal Relief Updates 3/26

March 26, 2020
We shared a great deal of information earlier today, understanding there is a lot to digest.  We are working with partners to get all relevant information to you in a digestible way through various platforms.  
What we do know is this:  The bill has a lot of relief that will benefit our industry, specifically to include the kind of independent operators in our unique market.  We also know that what you care the most about are relief for your employees, relief measures for YOU, and resources that can best guide you through how to get the relief outlined in the CARES Act.
1) Relief measures for your employees
  • The legislation addresses this by raising the maximum unemployment insurance benefit by $600 per week. It will apply to traditional workers for small and large businesses as well as those who are self-employed and workers in the gig economy.
2) Relief measures for YOU
  • One of the main ways the legislation addresses this is through the Paycheck Protection Program, which is 100% federally guaranteed loans to small businesses. This will provide up to two and half months payroll or $10 million, whichever is less, in a forgivable loan to cover payroll and other expenses. 
  • You can hire back laid off employees who were on your payroll in February.
  • The loan can be used to pay for: 
    • Employees salary or wage
    • Payment of cash tip or equivalent
    • Payment required for the provisions of group health care benefits, including insurance premiums
    • Payment of State or local tax assessed on the compensation of employees
3) Resources to Guide You
  • Industry-wide Webinar, 3pm Tomorrow
    • Our friends at the National Restaurant Association are hosting this webinar to walk through all aspects of the CARES Act.  Questions are encouraged through the webinar platform, however due to volume, they will not answer questions already addressed in their summary. Therefore we encourage you to READ THIS SUMMARY in full before tomorrow’s call. 
  • FAQ Guide for Restaurants
    • We will also be working with the NRA on an FAQ Guide for restaurants, specific to our regional market, so stay tuned.  
    • Tips from RAMW Industry Partner, friend and advisor to many, Matt Hetrick from CPA Eats Hospitality Accounting and Financial Services
      • CPA advises that the Payroll Protection Program Loans included in the CARES Act, could be incredibly beneficial for the economic security of small businesses here in our region.  He shares some useful information specific to the program below.  
PAYROLL PROTECTION PROGRAM LOANS (Section 1102): Loans available from your bank, through the SBA 7(a) program, to help make it through the crisis. You should expect it to take at least until May to get these loans. 
1. Who Is Eligible?  
Every small business is an 'Impacted Borrower.' Any small business with less than 500 employees per physical location, including self-employed and non-profits. The loan criteria will be incredibly simple: the company has to have been in business on 2/15/20 and paying employees.
2. How Much?
2.5 x the average monthly payroll during the 1 year period before the date on which the loan is made. Wages over $100,000 per person and FFCRA reimbursable wages are both excluded from the average payroll calculation. 
3. What Can the Money be Used For?
Payroll costs, including benefits, interest on mortgages, rent, utilities, and interest on debt incurred prior to 2/15/20.
4. What Are the Terms?
Not personally guaranteed. No collateral. No need not to have credit elsewhere. Anything not forgiven will be at <4% interest, up to 10 year terms. No payments for 6 months.
In closing, we have launched an RAMW Coronavirus Resource Guide to our website. This provides pertinent local and national information regarding real time mandates and orders, as well as local and federal opportunities for relief. Please visit the Resource Guide by clicking here. This link will be updated to reflect updates as we get them to ensure all that is posted is current. If you have any questions please email We are here to help and be a continued resource for you.  
As always, more to come.
Stay safe! Be Kind.