Dear ALFA Partners,
We’ve all been living through difficult times with the outbreak of the novel coronavirus COVID-19. We send our hopes and thoughts to those in pain from the COVID-19 crisis, the scale of which is incomprehensible in normal times.
We continue to count our blessings here at ALFA. We are fortunate to operate as an essential business in NY and to continue supporting you in your efforts to keep your business going in this difficult time, whether you operate a Supermarket, a Food Processing Facility, a Restaurant Equipment Dealership, or serve as a critical Service Technician. We are, likewise, blessed with a team of unique individuals who have risen to the occasion when pressed with a new challenge, day in and day out for 6 weeks and counting. I’m confident that you feel the same about your team.
As a valued member of the ALFA family, we want to make certain that everyone is aware of the existence of the Paycheck Protection Program (PPP), which President Trump signed into law on April 24th. This new bill provides $310B in additional funding for Paycheck Protection Program (PPP) loans to small business applicants under the Coronavirus Aid,Relief, and Economic Security (CARES) Act. The first round of the PPP loan program has been much discussed among the small business community this past month, and seeks to support small business owners nationwide that have been negatively impacted by the coronavirus outbreak. It is hard to think of an industry more impacted than the restaurant and food service related sectors that we all support.
For those who aren’t aware of the PPP program, or want to learn more, we’d like to direct you to the U.S. Department of Treasury Paycheck Protection Program for more details on the specifics. You’ll definitely want to review your options with you own trusted advisor, like an attorney or accounting firm, to determine what is best for your business. In general terms, the PPP allows small businesses adversely impacted by COVID-19 to apply for a loan to cover up to 2 months of: Employee Payroll and some benefit expenses; Rent payments; and Utilities expenses. The funds must be used for these expenses alone. If you meet specific criteria outlined by the SBA/Treasury, some or all of the loan may be forgivable.
If you’ve already applied, we recommend that you reach out to your banking partner to make sure they have everything needed to consider your application, and to understand the timeline for next steps for your application. If you haven’t applied, you can learn more about a host of options available by visiting the Small Business Administration’s website.
Be Safe and Be Well,
Bradley A. Lundquist
ALFA International | President
P.S. Our Attorneys would like me to remind you that that this post and any shared content is for general information purposes only and does not constitute legal or financial advice. As always, you should speak with your legal counsel and accounting advisors to understand the best course of action for your business’ unique situation.