The CARES Act passed into law March 27th includes $350 Billion allocated to low-interest and in some cases, forgivable, loans for small businesses. The loans are intended to cover payroll, benefits, leases, mortgage interest, rent and utilities. For many franchise businesses, this is a critical lifeline intended to help them navigate the impact of the COVID-19 pandemic.
There is a lot to understand about the package - it’s 880 pages long -- and it's easy to get overwhelmed by the depth of it. But some of the best minds in the world of Franchising are working hard to make it easy to digest. So, we decided to round up some of the best resources to help get up to speed.
- For a good breakdown of the key portions of the bill that apply to small businesses, including franchise operators, check out Cohn Reznick’s CARES Act summary for small businesses.
- The team at Faegre Drinker has put together an excellent COVID-19 microsite for Franchisors, including templates and guidelines for communicating with Franchisees.
- If you’d rather go straight to “the source” then you should visit the Small Business Administration’s Coronavirus Loan Resources page. It includes a link to LenderMatch to help connect you with a qualified lender.
- IFA, the International Franchising Association, has been working non-stop to advocate for assistance to small businesses, which certainly had a positive impact on the final details of the CARES Act. Make sure to visit their Resource Center often for the latest on the COVID-19 pandemic; we especially like their links to industry-specific resources.
We will continue to share helpful information, and are hosting more webinars in the coming weeks. Last week we had our highest-ever attendance at our 10 Critical Steps to Support Franchisees During COVID-19 Disruptions webinar – it's now available on-demand, in case you missed it.