Posts by Tommy Lee
Webinar: How to Best Prepare for PPP Loan Forgiveness
Watch the webinar as our expert panelists explain how to effectively prepare for Paycheck Protection Program (PPP) loan forgiveness. PPP loan payments are being disbursed to approved borrowers and it’s vital to plan and document your spending over the next eight weeks to ensure you receive maximum loan forgiveness benefits. Regulations are actively evolving.…
Read MoreOpportunity for Partnerships to Increase their PPP Loan
On May 13, 2020, the SBA released an Interim Final Rule on Loan Increases relating specifically to compensation of partners in a partnership. Prior to clarification provided by the SBA on April 14, 2020 (Guidance on SBA Loans for Self-Employed) and on April 24, 2020 (Calculating Max Loan Amounts), it was expected that compensation to…
Read MoreRequirements for Good Faith Certification Concerning Necessity of PPP Loan
On May 13, 2020, the Treasury released FAQ 46 regarding the SBA’s review of borrowers’ required good-faith certification concerning the necessity of the loan request. The Treasury’s FAQ addresses both borrowers whose loan is less than $2 million and those whose loan is greater than $2 million. Loans Less than $2 million The Treasury stated, “Any borrower that,…
Read MoreTreasury Issues New Guidance on SBA Loans for Self-Employed
Yesterday afternoon, Tuesday, April 14, 2020, the Treasury issued a new interim final rule with additional eligibility criteria and requirements for the Paycheck Protection Program (PPP) for self-employed individuals. Here are the key takeaways: Those individuals with self-employment income who filed or will file a Form 1040 Schedule C for 2019 are generally eligible for…
Read MoreSBA Disaster Assistance Now Available to Georgia Small Businesses
The U.S. Small Business Administration (SBA) announced on Wednesday, March 18, 2020 that it is now offering low-interest federal disaster loans for working capital to small businesses in Georgia that are suffering economic injury resulting from COVID-19. Assistance is available to small businesses across the entire state, as well as to contiguous counties in Alabama,…
Read MoreCEOs Speak: Setting Direction and Bringing Your Concept to Life
Experience is the best teacher. The next best thing is to learn from those who’ve done it. The October 3 Restauranteur Summit at Ponce City Market brought together an exciting panel of leaders whose life and business experience spans an array of restaurant business models, from franchised to independent, from fast casual to fine dining.…
Read More3 Ways to Use Retail to Diversify Your Restaurant Business
The public is spending more money at restaurants than ever — but it’s not always on dining. A milestone was reached in 2015 when the U.S. Census Bureau reported that restaurant industry sales (15 percent of all retail purchases) topped grocer sales (14 percent) for the first time ever. The USDA also reported an unprecedented shift…
Read MoreMore Restaurants Adding “Locally-Sourced” to the Menu
The nexus of all things trending in the restaurant industry seems to be consumer preference for fresh, healthy, local ingredients. As restaurants endeavor to offer locally sourced and organic, farm-to-table — even farm-to-cocktail — those buzzwords come with business challenges. “Locally sourced” food broadly refers to products consumed close to where they’re grown or produced.…
Read MoreChoosing the Right Reservation System for your Restaurant
Love ’em or hate ’em, reservations are a critical facet of the restaurant business. With new advances in industry technology, pen-and-paper reservation systems are looking rather old-school. New trends in data tracking and customer service have made automated restaurant systems more customizable and cost-effective for restaurants of all sizes. Reserving Peace of Mind Reservations provide…
Read MoreRestaurateurs, Hoteliers See Boon in 20% Tax Reform Pass-Through Deduction
The owners of restaurants, hotels and other franchise and hospitality businesses will soon be more flush thanks to the 20% income deduction provision of the new tax reform law. Congress hopes that will spur creation of new jobs and capital expenditures, especially in the restaurant, hotel and hospitality industry, where the wages typically paid by…
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