April 2020

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The SBA Has a New Shake Shack Rule

Shake Shack, Ruth’s Chris and Potbelly set off a media firestorm last week when the three public restaurant companies announced they had received Paycheck Protection Loans (PPP) under the CAREs Act stimulus program for small businesses.

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Chick-fil-A reports record revenue in 2019, profits up 54.2%

Chick-fil-A reported record sales and earnings in 2019. The Atlanta-based quick serve operator, ranked last year by Franchise Times Magazine as the 12th largest franchise company in the U.S., was poised to for another strong year in 2020. However, dining room closures and restrictions to operate drive-thru lanes only because of the coronavirus, will set back the chain in 2020.

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SBA Changes Rules for Payroll Protection Loans-Raises Interest Rate to 1%, Reduces Maturity from Ten Years to Two and Requires 75% of Loan Proceeds to Cover Payroll Costs

Concerns from participating banks about the amount of interest they can charge for Payroll Protection Loans, and continued questions about eligibility and use of proceeds, forced the Small Business Administration (SBA) to issue revised loan guidelines late Thursday night.

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