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May 29, 2020
MarginEdge Metrics: Restaurant Sales, Stats and Trends
Maybe its because it is officially summer time, but dammit I am in the mood to be optimistic!
As a show of said optimism, I give you (drumroll)…
Paycheck Protection Program Flexibility Act, H.R. 7010
This is it, folks. In my humble opinion the bill to watch. It’s jointly sponsored by a Republican and a Democrat and it has the things we need. This bill pushes back the PPP forgiveness from 8 to 24 weeks, lowers the 75% payroll threshold, and extends the June 30 deadline for rehiring. Personally, I think it has to pass if the government doesn’t want to bankrupt us all. We will let you know updates as we know them!
And while I am basking in this moment of optimism, all of the numbers keep ticking up! States that are reopening are off their -60% lows to -29%, and even the hardest hit states are at least trending up (while -78% to -64% doesn’t necessarily feel great, but at least it is up).
Now if we can just get that vaccine worked out…
PS – For those following along on these notes, but are not a MarginEdge client, we would love to include your numbers in our data set and continue to build out the value of the reporting. We are giving our MarginEdge Lite product for free for the rest of the year (normally $15/month). This little tool connects your POS to accounting system and creates journal entries – hopefully time saving for you while increasing our sample size as we track recovery across our network. Obviously no obligation or commitment, just an offer for those interested!
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