PRLA Restaurant & Lodging Matters Spring 2020

Spring 2020  •  PENNSYLVANIA RESTAURANT & LODGING matters  • 11 Banks Banks are deferring principal payments. That’s happening all over the country. If you’ve been a good bank customer, get a plan together and sit down with your banker. One thing people will learn from this crisis is the importance of having a good banking relationship. Most of the restaurant operators in the country that received Paycheck Protection loans in the first round received them because of the relationship. Suppliers You may still owe money for food and supplies that were delivered to you restaurant before the crisis began. That’s understandable. It‘s not in the best interest of your food distributor and other suppliers to put you out of business. However, suppliers tell us it will be on a case-by-case basis (no pun intended), and if you need credit, you’ll have to show them how you intend to pay them back.