The COVID-19 pandemic has impacted every aspect of
the foodservice industry, and that’s no exaggeration. In
this rapidly changing environment where new reports are released daily, it can be difficult to keep up with the latest information and regulations, especially for business owners. To help filter through the financial relief guidelines and answer questions related to eligibility and filing, Sysco has established a CARES Act support center to assist you with the application process.
As your trusted business partner, Sysco’s support center focuses on addressing your questions related to the federal CARES Act and the filing process to ensure a quick and accurate submission. We are here to help you sift through all the available information to ensure you have the facts you need to stay in the know and get the assistance you need to keep your business #foodservicestrong.
SBA Loan Key Points
- Restaurants are eligible, consideration given for being in business prior to Feb. 15, 2020.
- Up to $10 million each, all for companies with 500 or fewer workers; up to 2.5X average monthly payroll.
- Loans are made through participating banks and large credit unions.
- The loan will be fully forgiven if funds are used for payroll costs, interest on mortgages, rent, and utilities.
To learn more about SBA relief options please visit SBA.gov
Federal CARES Act
The CARES Act is intended to provide economic relief for restaurants. Under the CARES Act, the government will provide $350 billion in loans to Small Business Owners. The intent of the loans is to help small businesses keep their employees on payroll during the crisis and restore it afterwards.
To learn more about how Sysco can support you and your business, please call 1-334-45-iCare (1-334-454-2273 – calls are answered between 8AM – 5PM CST)