Learn more about Dr. Emily Williams Knight here.

Key Takeaways

CARES Act and how it works
The purpose of hope and setting dates
The restaurant industry is a 3-5% profit margin industry, we cannot survive on savings
The June 1st deadline is unrealistic
The industry needs a government plan to carry them through December AT LEAST
Workers are incentivized to stay home for health, safety, and more money from unemployment (because of tips) but the CARES Act encourages employers to rehire staff by a certain date; these two mechanics conflict; it doesn't work.
Many small businesses cannot access PPP loans
With a PPP loan there is: no personal guarantee, no collateral, no test elsewhere which speeds up the process but limits options
Before making decisions, talk to your accountant
EIDL (Economic Injury Disaster Loan) loans are available as well
Every state has a Restaurant Association that can help you specifically
CARES Act is federal, it applies to all states
If you opened your business after February 1st you are not eligible for PPP loans but you are eligible for a small business loan
Your fear of changing your business model should be gone now, take this opportunity to improve your business

Resources mentioned in this Chronicle:

Texas Restaurant Association website breaks all this down for specifically hospitality industries
Email Dr. Knight: eknight@txrestaurant.org
Chamber of Commerce website (specific to your area)
SBA website
Lobby for more money and more relief and extended deadlines here
TX Restaurant Relief Fund
Contact Information at Texas Workforce Commission
- Unemployment insurance support department staff: (512) 463-2236, (512) 475-0435, or (800) 628-5115; ui.ombudsmen@twc.state.tx.us and ombudsman@twc.state.tx.us
- Office of the Commissioner representing Labor: (512) 463-2829 or (800) 832-2829;laborinfo@twc.state.tx.us

Corona Chronicle #38: CARES Act and PPP with Texas Restaurant Association- Dr. Emily Williams Knight- Austin, TX