From Kathy Hollinger, President and CEO:
PPP Application Live
The application for the Paycheck Protection Program (PPP) loan is ready and can be accessed through the Treasury website. Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Where can I apply? You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Visit
www.sba.gov
for a list of SBA lenders.
Click here
to start your application.
Click here
for helpful information from the Treasury Department.
PPP Application Date vs. PPP Loan Origination Date:
Currently the PPP loan is for an 8-week period sometime between Feb 15 and June 30. This means the latest the loan origination date can be is May 5th, which makes the loan period May 5th-June 30th. It is important to note that the loan application date and origination date do not have to be the same, and you are able to apply starting April 3rd with an origination date as late as May 5th.
Understanding that there is a very clear end date to this loan, we are looking at opportunities for relief in Phase 4 of Congressional legislation that either extends PPP or provides support in meaningful ways. We will share more information as it becomes available, but in the meantime we encourage you to examine available SBA loans to determine what makes the most sense for you. Finally, as a reminder you are eligible to apply for a PPP and EIDL loan at the same time, but the two loans cannot be used for the same purpose. Meaning your EIDL loan cannot cover payroll for the same time period you are utilizing the PPP loan.
RAMW Industry Partner CPA Eats is Here To Help with Loan Support
Our RAMW Industry Partners at CPA Eats have been instrumental in providing guidance and leadership at all levels of our industry as the crisis unfolds. We realize many of you as members, and the larger industry, may be in need of strong financial guidance to help you access funds available through the CARES Act. To help ensure our industry returns and thrives when the crisis ends, CPA Eats President Matt Hetrick is offering his assistance to the RAMW community who are not current CPA Eats clients. If you need help applying for the vital PPP Loans available through the CARES Act, we encourage you to reach out at
www.cpa-eats.com
.
Matt’s team at CPA Eats, in addition to advising and assisting, are also available to fully prepare and manage all aspects of your operation’s loan application and lender coordination. They are working to partner with select preferred lenders who will prioritize loan applications to get funding to you as fast as possible. Understanding that all of your businesses are facing significant financial distress right now, his service is available for a modest fee, which is only intended to be paid once you have loan funding on hand.
Click here
to learn more and connect with CPA Eats.
Allied Members Offering Support
In addition to CPA Eats, RAMW has heard from many companies in our Allied member community who are supporting others in the industry with professional and legal services, HR consulting, loan application and financial assistance, counseling, insurance advising, and more. If you are a RAMW member offering services during this challenging time, please contact us at coronavirus@ramw.org to let us know in 100-words or less so we can add your company to our comprehensive list of service providers.
DC ABRA Renewal Deadlines Extended
To provide financial relief to customers impacted by the coronavirus (COVID-19), the ABC Board has determined to extend select payment deadlines and expirations including the following:
-
Annual License Payments
| Extended from March 31, 2020 to June 1, 2020.
-
Alcohol License Expirations
| Any alcohol licenses, including ABC Manager Licenses that expire March 16 - May 31, 2020 are now valid through June 1, 2020.
-
Fines | Any fines due between March 16 - May 31, 2020 are now due June 1, 2020
-
Q1 Statements
| Extended from April 30, 2020 to June 1, 2020.
Webinar on Families First Coronavirus Response Act
The National Restaurant Association is hosting a webinar on the “Phase II” Legislation (Paid Sick Leave) tomorrow, April 2nd at 3:00pm.
Click here
to register. As you know, the mandate begins today, April 1, although DOL enforcement will be focused on good-faith compliance.
We encourage you to check out our Coronavirus Resource Page as all emailed materials are available on our website. If you have any questions please email
coronavirus@ramw.org
to ensure you receive a timely response.
