Look, dealing with the bank is never going to be fun. It’s never going to match the thrill of turning out a perfect plate or give you the warm fuzzies you feel when you have effusive customers. But it can help you make it through the next five months if your restaurant is barely hanging on.
The Colorado Restaurant Association’s (CRA) webinar, The Second Round of PPP Funding – What You Need to Know, took place on January 8 goes into the loan program in depth, including:
- What changes have been made to the loan, including what new expenses it can used for going forward and loan forgiveness requirements (at 5:58).
- Information for borrowers who have already received PPP funds, or second draw borrowers (at 19:20).
- Information for first-time, or first draw, PPP borrowers (at 27:10).
- Other aid programs—including Small Business Administration grants—that could help you out (at 29:00).
- An extensive Q&A that covers how to calculate your payroll, which periods to look back at to document loss of revenue, what counts as receipts, what operators with more than one location, and more (at 37:55).
Plug in your headphones, listen to it on double speed (it’s 90 minutes of dense—but helpful!—information), and get ready for the best banking experience your your life. You can find the first draw PPP application in English here (plus versions in Spanish, Vietnamese, Arabic, Chinese, and more here) and the second draw application here.
Talk to us! Email your experiences (and thoughts, opinions, and questions—anything, really) to firstname.lastname@example.org.