​A tough road for independents – and some help

The Paycheck Protection Program was presented as relief for small business – access to emergency loans to help business owners continue to pay employees and cover other expenses. But amid Associated Press news reports that $365 million of the $350 billion in available federal recovery funding has gone to nearly 100 publicly traded companies – seemingly not the small businesses the program was deemed to support – many smaller independent restaurant brands have spoken out, particularly as many of them have been denied funding. The transparency about the program may help more small operators. (Some better-funded restaurants that were recipients of the funding, such as Shake Shack and Sweetgreen, said they were returning it in an aim of helping small businesses in greater need. Both of those brands reportedly received $10 million government loans.) However, the funds may not be redistributed as intended. A spokeswoman from the Small Business Administration told Forbes that the money will go back into the Paycheck Protection Fund but new loans can’t be made against the fund until Congress authorizes new funds. (While the program was recently cleared out, Congress approved an additional $320 billion for the fund on April 23rd.) Making the most of new and existing partnerships may offer some help to independents – whether in lobbying Congress or in nimbly managing operational changes. On the Congressional front, consider joining the efforts of the Independent Restaurant Coalition. Contact Team Four/Value Four for help in maximizing your purchasing power and identifying operating efficiencies to keep you going during these difficult months.