Eligible restaurants and small businesses can now access $284.5 billion in new PPP loans, which can be fully forgiven if proceeds are used for allowable expenses during a selected 8-week to 24-week period that begins after the proceeds are received. Read the SBA announcement here.
This new PPP stimulus will cover payroll and additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures. The new legislation created a specific definition of additional expenses, over and above payroll, that will be covered and that definition reads as follows:
PPP Covered Operations Expenditures. Payments for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records, and expenses.
Now is a great time to invest in technology that will provide optimal restaurant safety, labor, and operational efficiencies. Investing in pay-at-the-table with reduced touch EMV credit card or touchless solutions not only protects your guests, but it protects your employees too. Happier guests and happier employees mean higher tips, higher table turns, and higher retention of guests and employees.
In addition, pay-at-the-table and touchless payment solutions result in more efficient restaurant operations.
A best-in-class pay-at-the-table solution that is designed to be left with the guest allows the server to leave a payment device, elegantly presented in a folio, at the table empowering the guest to make their payment privately, adding a tip and completing a feedback survey if desired.
Not only is this a more desirable experience for the guest who has the freedom to choose when and how to pay, but it is also more efficient for the restaurant as the server is now free to take other orders, run food, or perform other tasks that increase their efficiency, as the device is not needed elsewhere for ordering.
Given the timely opportunity for easy access and forgivable funding, we encourage you to speak to your accountant about the Covered Operations Expenditures provision of the new PPP legislation.
There is no better time to learn more about pay-at-the-table and touchless payments. And for more information on The TableSafe Advantage click here.