Covid-19: 30 Days in Review
While we were hoping businesses would be back up and running by the 30 day mark, unfortunately it looks like it may be a little longer before restaurateurs and their employees can return to work again.
In more positive news, officials have confirmed that our social distancing efforts are in fact, “flattening the curve,” although we are not out of the woods yet. On Monday, April 13th, Governor Murphy announced that he and the governors of six other states are working together on a plan to reopen their economies once the coronavirus begins to subside and President Trump has expressed his eagerness to reopen the country as well.
But what will the world look like once the lockdown is lifted? Restaurateurs have also been preparing for the day business can resume “normally”, however their may be a new normal to adhere to. A possible smaller capacity inside restaurants with more spaced out tables has been suggested within the restaurant industry going forward. The operation of bars where guests are typically shoulder-to-shoulder on a busy night may have to be reevaluated as coronavirus fears may be our reality for some time. Even the friendly handshake may become obsolete given the dangers this form of greeting has been drilled into our heads since this all began back in January. But for non-essential businesses and restaurants in New Jersey, the real pandemic began March 16th, when they were ordered to limit their operations, or for many, close completely.
Bielat Santore & Company has elevated its efforts in becoming “a voice for the industry,” keeping our clients, customers, friends, restaurateurs and fellow small business owners informed throughout the Covid-19 pandemic. Our weekly Restaurant Industry Alert emails have served to be a valuable resource for businesses and employees to obtain factual information. We recently launched the “Thursday Restaurant Rap” series, featuring exclusive virtual video interviews with select restaurant industry professionals, to explore how they are dealing with the pandemic. All of the daily bulletins and video interviews can be found on Bielat Santore & Company’s website at https://www.123bsc.com/news/. As always, we encourage you to stay safe, be well and keep the faith!
Timeline: Lockdown’s Impact on the Restaurant Industry
MARCH 16 – All restaurants in NJ ordered to closed by 8:00 pm
March 17 – Restaurants permitted to stay open for take-out and delivery only
MARCH 18 – Consumption liquor licensees (Types “32” and “33”) are permitted to do takeout and delivery of alcoholic beverages
MARCH 19 – NJ approved for SBA Disaster Loans
MARCH 20 – Bielat Santore & Company makes available financial spreadsheet to help restaurants compute capital needs.
MARCH 21 -The Federal tax-filing deadline will move to July 15, the same day tax payments are due.
MARCH 22 – What to Do If You’re Laid Off Due to Coronavirus Closures.
MARCH 23 – The federal government is racing to ease the pain facing the U.S. economy as the coronavirus pandemic makes its swift pivot from public health crisis to financial catastrophe.
MARCH 24 – The State of New Jersey has developed a centralized resource to match talent with opportunities in industries on the front lines of serving New Jersians during the outbreak.
MARCH 25 – Senate Democrats have reached a deal with the Trump White House and Senate Republicans on a massive $2 trillion coronavirus stimulus package.
MARCH 26 – ND3DA announces initiatives including a grant program for small businesses and a zero-interest loan program.
MARCH 27 – House passes $2 trillion emergency spending bill to combat economic impact of coronavirus, sending measure to Trump for enactment.
MARCH 28 – Coronavirus Bill Lets Struggling Americans Tap Retirement Money.
MARCH 29 – Stimulus Package Brings Relief to Most Student-Loan Borrowers.
MARCH 30 – Bielat Santore & Company shares financial spreadsheet to help restaurants compute Paycheck Protection Program (PPP) and Loan Forgiveness.
MARCH 31 – Small Business Owner’s Guide to the CARES Act is released.
APRIL 1 – SBA Announces Small Businesses May Apply for PPP Loans Starting Friday, April 3rd; Independent Contractors and Self-Employed Workers, April 10th.
APRIL 2 – Bielat Santore & Company Releases First Virtual Video Interview in Weekly “Thursday Restaurant Rap” Series Featuring Angelo DiCapua, MJ’s Restaurants
APRIL 3 – Bank of America Becomes First Bank to Accept PPP Loan Application
APRIL 4 – NJEDA Announces Application Launch Date for Loan Program for Monday, April 13th
APRIL 5 – The Institute of Health Metrics and Evaluation Projects the Date of Peak Hospital Use National and Within Individual States; NJ’s Peak is April 18th
APRIL 6 – Wells Fargo Reaches its Capacity of $10 Billion
APRIL 7 – Treasury Makes Coronavirus Loan Terms Less Favorable
APRIL 8 – The IRC Calls on Congress for Better Stimulus Terms for Independent Restaurants
APRIL 9 – Bielat Santore & Company Releases Second Interview of “Thursday Restaurant Rap” Series Featuring Chef David Burke
APRIL 10 – Governor Phil Murphy Announced Insurance Premium Grace Periods
APRIL 11 – Payroll Protection Loan Funds Are Running Low
APRIL 12 – An Unprecedented Easter
APRIL 13 – U.S. Weights When to Restart Economy
APRIL 14 – Trump Pushes to Bring Back Entertainment Tax Deductions
APRIL 15 – Republicans Press Trump to Restart Economy